Bitcoin Cash

United

when

<ul>
 <li aria-level="1">BaFin seized 13 unauthorized cryptocurrency ATMs across Germany in a large-scale operation.</li>
</ul>
<ul>
 <li aria-level="1">The machines lacked proper authorization and posed money laundering risks.</li>
</ul>
German financial regulators, in a joint operation with law enforcement, have taken decisive action against unauthorized <a href="https://www.crypto-news-flash.com/floridas-new-bitcoin-kiosk-legislation-shaping-the-future-of-crypto-atms/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency operations.</a> Nearly € 250,000 in cash was confiscated, and 13 cryptocurrency ATMs were closed in the country. 
The German financial regulator, BaFin,<a href="https://www.reuters.com/world/europe/germany-seizes-almost-25-mln-cash-crypto-atm-sting-2024-08-20/" rel="noopener noreferrer nofollow"> disclosed</a> the details of the operation on Tuesday, emphasizing the risk of money laundering through anonymous crypto deals. The operation involved 35 premises in Germany, and the ATMs were mainly used for trading Bitcoin and other cryptocurrency. These machines worked beyond the framework of anti-money laundering laws, thus attracting the attention of the authorities.&nbsp;
The crackdown involved the participation of BaFin, the police, and the German Federal Bank. This coordinated action highlights the increasing difficulties that supervisory authorities encounter in addressing the risks of cryptocurrencies. Although digital currencies provide such advantages as financial inclusion and an increase in technologies, they create certain problems for the regulators who intend to control the sphere and fight against crimes.&nbsp;
<h3 id="span-style-font-weight-400-overview-of-germany-s-crypto-atm-network-span">Overview of Germany’s Crypto ATM Network</h3>
Currently, there are 176 Bitcoin ATMs in Germany, with the majority of them placed in Düsseldorf, Berlin, and Stuttgart, as per Coin ATM Radar. There was high demand for crypto ATMs in 2021 when the prices of cryptocurrencies were on the rise, but several machines were shut down when the prices fell. The industry is <a href="https://www.crypto-news-flash.com/bitcoin-atms-skyrocket-to-38000-globally-democratizing-crypto-access/" target="_blank" rel="noopener noreferrer nofollow">now on an upward trend</a>, with 266 new ATMs deployed across the world in the period since early August.&nbsp;
Scott Buchanan, the COO of Bitcoin Depot, stated the global crypto ATM market size was estimated at $182.1 million in 2023 and is estimated to expand at a CAGR of 63.4% from 2024 to 2030. This growth trend is, however, preceded by a market decline in the year 2022.&nbsp;
Bitcoin dominates the market, followed by Bitcoin Cash and Ethereum, in the case of ATMs. Some of the older cryptocurrency projects, including Litecoin, Dash, Zcash, and Monero, are also listed, but they have a small market share compared to other currencies such as Solana and BNB.
<h3 id="span-style-font-weight-400-regulators-warn-of-legal-consequences-for-non-compliance-span">Regulators Warn of Legal Consequences for Non-Compliance</h3>
BaFin has warned that operators found in violation of <a href="https://www.crypto-news-flash.com/is-the-crypto-bull-run-back-fomc-rate-cut-hints-ignite-bitcoin-rally/" target="_blank" rel="noopener noreferrer nofollow">licensing requirements</a> face significant legal consequences, including potential prison sentences of up to five years. This recent development in Germany is in tandem with other recent global developments in which the cryptocurrency business has been subjected to much scrutiny.&nbsp;
In interviews with media outlets, anonymous operators have expressed their opposition to regulations such as Know Your Customer (KYC) and anti-money laundering (AML) requirements. They argue that higher regulation goes against the main tenets of cryptocurrency, which are decentralization and anonymity.
The German operation is not an isolated incident but rather part of a global pattern of increased regulatory enforcement in the cryptocurrency sector. In the United Kingdom, for example, the Financial Conduct Authority (FCA) has been actively pursuing unregistered cryptocurrency ATMs.&nbsp; Additionally, the FCA, in collaboration with the Metropolitan Police, has inspected several sites in East London that are suspected of hosting illegal machines.&nbsp;

German Authorities Raid 35 Locations, Seize 13 Illegal Crypto ATMs in Major Operation

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