BaFin seizes €25million in a nationwide crackdown on illegal crypto ATMs

BaFin’s crackdown involved coordinated raids across 35 locations in Germany, seizing 13 unregistered cryptocurrency ATMs operating illegally under Section 32 of the German Banking Act. These ATMs facilitated euro-crypto exchanges, posing significant risks to the financial system, particularly in fraud and ML. BaFin’s actions reinforce its mandate to regulate Germany’s financial market and ensure compliance with the law…