{"id":16280,"date":"2024-08-21T14:11:11","date_gmt":"2024-08-21T11:11:11","guid":{"rendered":"https:\/\/forklog.com\/en\/germany-seizes-13-illegal-bitcoin-atms\/"},"modified":"2024-08-21T14:11:11","modified_gmt":"2024-08-21T11:11:11","slug":"germany-seizes-13-illegal-bitcoin-atms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/germany-seizes-13-illegal-bitcoin-atms\/","title":{"rendered":"Germany Seizes 13 Illegal Bitcoin ATMs"},"content":{"rendered":"<p>Germany&#8217;s Federal Financial Supervisory Authority (BaFin) has <a href=\"https:\/\/www.bafin.de\/SharedDocs\/Veroeffentlichungen\/DE\/Pressemitteilung\/2024\/pm_2024_08_20_Krypto_Automaten.html\">seized<\/a> 13 cryptocurrency ATMs in major cities, which were operating without the necessary permits.<\/p>\n<p>According to the regulator, the devices were unregistered and violated the Banking Act, posing a risk of money laundering.<\/p>\n<p>The authorities also confiscated nearly \u20ac25 million ($28 million) in cash. The operators of the crypto ATMs face up to five years in prison.<\/p>\n<p>BaFin warned of the necessity to conduct <span data-descr=\"Know Your Customer\" class=\"old_tooltip\">KYC<\/span> checks for transactions exceeding \u20ac10,000 in accordance with the MiCA regulation.<\/p>\n<p>According to <a href=\"https:\/\/coinatmradar.com\/charts\/growth\/\">Coin ATM Radar<\/a>, the number of crypto ATMs worldwide stands at 38,730 units at the time of writing. In Germany, there are <a href=\"https:\/\/coinatmradar.com\/country\/80\/bitcoin-atm-germany\/\">176 devices<\/a> installed, with most located in D\u00fcsseldorf.<\/p>\n<p>Back in March 2023, the <span data-descr=\"Financial Conduct Authority\" class=\"old_tooltip\">FCA<\/span> conducted raids to identify illegal bitcoin ATMs in London.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Germany&#8217;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 \u20ac25 million ($28 million) in cash. The operators of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1189,109],"class_list":["post-16280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptomats","tag-germany"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16280"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16279"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}