Germany’s Federal Financial Supervisory Authority (BaFin) has seized 13 cryptocurrency ATMs in major cities, which were operating without the necessary permits.
According to the regulator, the devices were unregistered and violated the Banking Act, posing a risk of money laundering.
The authorities also confiscated nearly €25 million ($28 million) in cash. The operators of the crypto ATMs face up to five years in prison.
BaFin warned of the necessity to conduct KYC checks for transactions exceeding €10,000 in accordance with the MiCA regulation.
According to Coin ATM Radar, the number of crypto ATMs worldwide stands at 38,730 units at the time of writing. In Germany, there are 176 devices installed, with most located in Düsseldorf.
Back in March 2023, the FCA conducted raids to identify illegal bitcoin ATMs in London.