Unauthorized cryptocurrency ATMs, totaling 13 units, have been seized.
During a bust in southern Germany, financial watchdog Bafin snatched 13 clandestine cryptocurrency trading terminals. An estimated €250,000 in cold hard cash was seized, as per the news from Bonn's Financial Supervisory Authority. The authority cautions that these devices present a potential money laundering hazard.
A joint operation by 60 agents from Bafin, police, and the central bank was carried out. It's crucial in Germany to secure a license before operating banking services, a requirement the machine operatives failed to meet.
Investigators visited 35 establishments, whose locations were discovered online. The operation included places in Stuttgart and Munich, although Bafin chose to keep other cities out of the limelight.
Notably, some machines had been swapped out before the raids. It seems that the suspected wrongdoers leverage kiosks and other businesses for temporary use, prior to relocating the devices to evade detection by the law enforcement. These machines catered to both cryptocurrency deposits, granting users a code in exchange, and cryptocurrency withdrawals against cash.
The operators of these machines now face potential imprisonment for up to five years. However, they must be identified prior to serving time.
The joint operation also aimed to dismantle an illegal cryptocurrency trading network, involving multiple raids known as 'Raids'. The seized terminals were suspected to be part of this clandestine 'Raid' operation, posing a risk of facilitating money laundering activities.
