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<ul class="wp-block-list">
 <li>As per recent information, German authorities have seized approximately $ 28 million from 13 unlicensed cryptocurrency ATMs across the region.</li>
 <li>The BaFin warns operators that violating licensing requirements will have severe legal consequences.&nbsp;</li>
 <li>Statista notes that Germany’s cryptocurrency users are expected to reach 27.32 Million by 2025.</li>
</ul>
The growth of digital currency has led to the evolution of sophisticated crypto ATMs that offer broad services, from simple cash withdrawals to complex financial transactions.
As per recent information, German authorities have seized approximately $28 Million from 13 unlicensed cryptocurrency ATMs across the region. The action demonstrates the government’s bold response to curb the growing threats facing the industry in German territories.
The German authorities have seized $28 Million in cash from over a dozen cryptocurrency ATMs operating illegally in the nation. The Federal Financial Supervisory Authority (BaFin) conducted the seizure following the surging crypto adoption in Germany.&nbsp;&nbsp;&nbsp;
In a joint collaboration with other regulators, BaFin raided 35 locations and found that several crypto ATMs operate with the required licensing.
Authorities have determined that individuals actively used several seized ATMs to commit fraud, scams, and money laundering.
BaFin warns operators that violating licensing requirements will result in severe legal consequences, including up to five years in prison. Crypto Laws in Germany 
Germany has established a unique and rapidly maturing regulatory framework for crypto businesses, complemented by general economic activity regulations.
The BaFin enforces national and EU regulations, assessing each crypto business case-by-case basis to determine applicable laws and regulated items.&nbsp;
BaFin assesses crypto businesses within the framework of various legislation, including the German Securities Trading Act, Markets in Financial Instruments Directive (MiFID 2), German Securities Prospectus Act, and German Capital Investment Act.&nbsp;
Regulators are taking a strict approach, reflecting their ongoing efforts to develop and refine crypto regulations at national and EU levels.
In December 2022, BaFin’s president, Mark Branson, urged global <a href="https://news.todayq.com/exchanges-flock-to-secure-license-amid-new-regulations-in-turkey/" target="_blank" rel="noopener noreferrer nofollow">crypto </a>industry regulation to prevent money laundering, protect consumers, and preserve international financial stability.&nbsp; Germany Crypto Market Overview 
According toStatista data, the number of cryptocurrency users is expected to reach 27.32 Million by 2025. The region is among the leading nations, with more businesses accepting digital assets as a mode of payment.&nbsp; 
Source: Statista&nbsp;
Over 32% of Germany’s crypto market is dominated by Binance, followed by Coinbase, Crypto(dot)com, Gate(dot)io, and Kraken.&nbsp;
The total number of crypto users in the region till 2023 stood at 18.40 Million; in 2024, it reached 27.19 Million and is expected to reach 27.32 Million by 2025.&nbsp;
In terms of revenue from digital assets, Germany holds the position among the top five nations globally. Despite surging adoption and expanding market, the revenue per user was $56.6 in 2023, reached $70.03 in 2024, and is expected to fall to $68.2 by 2025.&nbsp;
Source: Statista&nbsp;
The highest recorded crypto revenue per user was $228.8 in 2022, and $56.6 per user is the lowest recorded crypto revenue ever in the region. Crypto Market Price Overview&nbsp; 
As of writing, the global <a href="https://news.todayq.com/court-approves-12-7b-payout-to-ftx-creditors-in-bankruptcy-case/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency </a>market capitalization was $2.1 Trillion, with an intraday decline of 1.37%. Since the beginning of August 2024, the market cap has lacked stability; recently, the cap reached below $2 Trillion.&nbsp;
Despite the surging trading volume, bitcoin prices lack confidence in sustaining above $61k. It was trading at $59,349 at press time, with an intraday decline of 1.76%.&nbsp;&nbsp;
Following the approval of the long-awaited BTC spot ETF, the number of addresses holding and trading Bitcoin grew significantly.&nbsp;
Notably, the prominent BTC ETF provider Grayscale is battling severe outflow, with a net inflow of $-12.80 Million as of August 20, 2024, and a market capitalization of $13.65 Billion.&nbsp;&nbsp;&nbsp;

Germany Cracks Down on Unlicensed Crypto ATMs: $28M Seized

Todayq News

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