German Regulators Clamp Down on Crypto ATMs, Seizing 13
CryptoNewsTerminal Staff20 Aug, 2024
German Regulators Clamp Down on Crypto ATMs, Seizing 13
The German financial regulator, BaFin, has launched a crackdown on crypto ATMs, seizing 13 machines from 35 locations. This action was taken due to the illegal operation of these ATMs and their failure to adhere to the German Banking Act and customer due diligence (KYC) requirements for transactions exceeding EUR 10,000. BaFin has warned that non-compliant ATM operators pose an increased risk of money laundering. This crackdown signals a growing regulatory focus on the crypto sector, particularly concerning anti-money laundering measures.
