On August 20, 2024, German authorities conducted a large-scale operation to combat money laundering, resulting in the confiscation of 13 illegal crypto ATMs and the seizure of nearly $28 million in cash. The operation covered 35 locations across the country and was carried out in cooperation with Germany’s Federal Financial Supervisory Authority (BaFin), the police, and the Bundesbank.
The main targets of the raids were crypto ATMs operating without the required licenses, in violation of German law. These machines posed a serious threat as they could be used for money laundering and other illegal activities. BaFin emphasized that the exchange of cryptocurrency for euros and vice versa is a commercial activity that requires strict adherence to the law. Violators face up to five years in prison.
This operation is part of a broader strategy by German authorities to tighten control over the cryptocurrency sector, which has seen significant growth in recent years. The authorities aim to protect the country’s financial system from risks associated with illegal activities in this rapidly developing industry.
