Germany's financial regulator BaFin conducted a raid, seizing 13 crypto ATMs operating without permission and posing money laundering risks, emphasizing the need for proper licensing.
The action involved 35 locations, and almost 250,000 euros were confiscated, showcasing the regulator's stance on illegal crypto operations and consumer protection.
Exchanging euros for crypto qualifies as banking which requires BaFin’s license to ensure the financial system’s integrity, indicating the serious legal consequences for illegal operations.
As part of enforcing the EU's Markets in Crypto Assets legislation, BaFin's actions highlight the increasing scrutiny on the crypto sector across member states.
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