Security
German authorities seize nearly $28M from crypto ATMs
August 21, 2024
The German Federal Financial Supervisory Authority recently seized nearly $28 million from 13 cryptocurrency ATMs. The authorities targeting these machines since their operators allegedly didn't have the right permits, according to a report by Cointelegraph.
The government bureau claims that the ATM operators didn't register them under Section 32 of the Banking Act. The regulator worked together with the Federal Criminal Police Office, law enforcement and Germany's Bundesbank to carry out the operation.
The regulator carried out this action because it claims that cryptocurrency ATMs can be used for money laundering if there aren't sufficient Know-Your-Customer standards in place.
Related Media
SecurityPresented ByDiebold Nixdorf
Featured Vendor
Industry leader since 1986, ACG operates offices in Atlanta, Las Vegas, London, and Poland. Providing ATM hardware and services to financial institutions, ATM service providers and gaming industries. ACG is proud to be a Master Distributor of the ATEC LTA-450, LTA-380 and LTA-100 Teller Cash Recyclers.
Subscribe
Get the latest news and resources from ATM Marketplace.
