German BaFin regulator cracks down on crypto ATMs
According to Coin ATM Radar, there are currently 38,725 crypto ATMs worldwide, with a vast majority located inside the United States.
Germany’s Federal Financial Supervisory Authority (BaFin) has launched a crackdown on crypto ATMs and seized 13 of these automated cash kiosks from 35 locations, the government regulator announced on Aug. 20.
The German financial regulator conducted the seizures in conjunction with the Federal Criminal Police Office, local law enforcement and Germany’s Bundesbank.
According to the government bureau, the ATM operators “illegally installed” the machines and failed to register them under Section 32 of the Banking Act. BaFin claimed that the exchange of euros to cryptocurrencies or vice versa breached the Banking Act.
Go to Source
Author: Vince Quill
