BaFin Seizes 13 Bitcoin ATMs, Cracks Down on Money Laundering
Germany's financial watchdog, BaFin, has seized 13 Bitcoin ATMs and imposed fines on operators. The move comes as the authority tightens regulations on cryptocurrency ATMs, reducing their number to around 60 legally operating machines, mostly in Berlin and Frankfurt.
BaFin's crackdown targeted operators without explicit permission, who face up to five years in prison. The seized ATMs were found in Stuttgart and Munich. Previous attempts by providers like 'Bitte1Bitcoin', Orderbob, Freefall, and Coin Fellows to operate Bitcoin ATMs have failed due to BaFin's strict rules.
BaFin suspects the seized ATMs were used for money laundering due to their anonymity and lack of customer identification for large cash amounts. The raid involved 35 locations, with seized ATMs and cash totaling €250,000. Kurant, a subsidiary of Coinfinity, operates legally in Germany but has specific usage conditions.
Germany's strict regulations have led to fewer Bitcoin ATMs compared to neighboring countries. BaFin's actions aim to prevent illegal activities and maintain financial stability. Operators must now ensure they comply with BaFin's requirements to avoid penalties.
