{"id":51483,"date":"2024-08-21T01:12:00","date_gmt":"2024-08-21T01:12:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/german-bafin-regulator-cracks-down-crypto-atms"},"modified":"2024-08-21T04:10:00","modified_gmt":"2024-08-21T04:10:00","slug":"german-bafin-regulator-cracks-down-on-crypto-atms","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51483","title":{"rendered":"German BaFin regulator cracks down on crypto ATMs"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDgvSEklMjBIb3clMjB0byUyMHVzZSUyMGElMjBCaXRjb2luJTIwQVRN.jpg\" \/><\/p>\n<p>Germany\u2019s Federal Financial Supervisory Authority (BaFin) has launched a crackdown on crypto ATMs and seized 13 of these automated cash kiosks from 35 locations, the government regulator announced on Aug. 20.<\/p>\n<p>The German financial regulator conducted the seizures in conjunction with the Federal Criminal Police Office, local law enforcement and Germany\u2019s Bundesbank.<\/p>\n<p>According to the government bureau, the ATM operators \u201cillegally installed\u201d the machines and failed to register them under Section 32 of the Banking Act. BaFin claimed that the exchange of euros to cryptocurrencies or vice versa breached the Banking Act.<\/p>\n<p>Additionally, German officials also claimed that crypto ATMs, in general, could attract a hotbed of criminal activity if the operators fail to properly exercise Know Your Customer controls for transactions above 10,000 euros.<\/p>\n<h2>The current state of crypto ATMs globally<\/h2>\n<p>Although the number of Bitcoin ATMs installed worldwide in 2024 had been nearing all-time highs, the uptrend in machine installation was disrupted in July by a decrease of 440 crypto ATMs. There was an additional reduction of 173 ATMs by Aug. 1.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-08\/Screenshot%202024-08-20%20at%201.53.58%E2%80%AFPM\" alt=\"\" \/><figcaption><em>Source: Bitcoin ATM Radar<\/em><\/p>\n<\/figcaption><\/figure>\n<p>According to the latest data from Coin ATM Radar, the number of crypto ATMs installed has recovered, and an additional 266 ATMs have been installed since the beginning of August.<\/p>\n<p><em><strong>Related:<\/strong><\/em><em><strong> California county to regulate Bitcoin ATMs backed by state laws<\/strong><\/em><\/p>\n<p>The global reduction of Bitcoin ATMs in July and early August was partially fueled by shutdowns in the United States. Though the exact reasons behind the shutdowns have varied, US law enforcement officials have conducted several enforcement actions against Bitcoin ATM operators, including Bitcoin of America.<\/p>\n<p>In 2023, Bitcoin of America agreed to shut down operations in Connecticut after the state\u2019s Department of Banking charged the company with operating money transmitter services without a license.<\/p>\n<p>The state regulator took action against Bitcoin of America after several customers complained that they were collectively scammed out of tens of thousands of dollars.<\/p>\n<p>As part of the consent order, the Bitcoin ATM operator also agreed to pay $86,000 as compensation to the injured parties.<\/p>\n<p><em><strong>Magazine:<\/strong><\/em><em><strong> Weird \u2018null address\u2019 iVest hack, millions of PCs still vulnerable to \u2018Sinkclose\u2019 malware: Crypto-Sec<\/strong><\/em><\/p>\n<p>Check <span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>\nSimply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>\nor Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" alt=\"\" width=\"544\" height=\"600\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Germany\u2019s Federal Financial Supervisory Authority (BaFin) has launched a crackdown on crypto ATMs and seized 13 of these automated cash kiosks from 35 locations, the government regulator announced on Aug. 20. The German financial regulator &hellip; <a title=\"German BaFin regulator cracks down on crypto ATMs\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=51483\"><span class=\"screen-reader-text\">German BaFin regulator cracks down on crypto ATMs<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51485,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,6997,10,159,97,30],"class_list":["post-51483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-german-crypto","tag-hyip","tag-hyipnews","tag-hyips","tag-scam-or-paying","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>German BaFin regulator cracks down on crypto ATMs - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51483\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German BaFin regulator cracks down on crypto ATMs - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Germany\u2019s Federal Financial Supervisory Authority (BaFin) has launched a crackdown on crypto ATMs and seized 13 of these automated cash kiosks from 35 locations, the government regulator announced on Aug. 20. 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