Bitcoin (BTC) ATMs are now under surveillance in Germany. This is what emerges from the actions of BaFin, the German regulatory body. What motivated these successive closures?
In Germany, BaFin closes several Bitcoin ATMs
The German Federal Financial Supervisory Authority, the equivalent of the French AMF, this week attacked a section of the crypto ecosystem: Bitcoin distributors. She announced yesterday that 13 ATMs had been seized, in collaboration with the federal police and the Bundesbank, Germany's central bank..
According to BaFin, the installations are illegal and violate the Banking Transactions Act. The distributors should have registered as service providers, which they did not do..
💡 Don’t miss our guide – How to buy Bitcoin (BTC) easily in 2024?
The regulator particularly points out shortcomings in identity verification policies.. As a reminder, in Germany as elsewhere in Europe, transactions over 10,000 euros must be registered. Operators must indeed ask for the name, address and other information on the customer, in order to be able to have a trace of it.
Get a €50 bonus when you create an account on Bitpanda 🐼!
25 million euros seized by German regulator
Nearly 25 million euros in cash were seized by the authorities during these successive closures.. According to data from Coin ATM Radar, however, there are still more than 170 BTC ATMs in the country, including around 15 in Berlin.
In France, Bitcoin ATMs have virtually never taken off. As of December 2020, 8 of the 11 existing ATMs had been sealed. Since then, their number had risen to 6 in total, but had never exceeded this threshold. in a sustainable wayAt this stage, there are 2 in Lyon, 1 in Paris, 1 in Marseille, 1 in Lille and 1 in Dijon.
🌐 Also in the news – Dubai: An employee paid in cryptocurrency – Everything you need to know about this historic first in the UAE
Overall, Coin ATM Radar data shows that the sector is trending downward this summer. In July, nearly 600 distributors were closed worldwide.However, the number of distributors has increased significantly since the start of 2024, driven in part by the rise in cryptocurrency prices.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Sources: Coin ATM Radar, Reuters
The #1 Crypto Newsletter 🍞
Receive a daily crypto news recap by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products, or services. Some links in this article may be affiliate links. This means that if you purchase a product or sign up for a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers must do their own research before taking any action and only invest within the limits of their financial capacities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential implies a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3108 articles
