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Germany seizes almost 250,000 euros in cash in crypto ATM sting
Global Banking & Finance Review®
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(This Aug. 20 story has been corrected to rectify the figure to 250,000, not 25 million, in the headline and paragraph 1)
(This Aug. 20 story has been corrected to rectify the figure to 250,000, not 25 million, in the headline and paragraph 1)
BERLIN (Reuters) – German authorities have seized almost 250,000 euros ($279,000) in cash in a nationwide operation targeting cryptocurrency ATMs, the country’s financial regulator BaFin said in a statement on Tuesday.
Authorities seized 13 machines that had been operating without the necessary permits, posing a risk of money-laundering, according to the regulator.
The ATMs had been used to trade bitcoin and other cryptocurrencies and were located in 35 different locations, the statement said.
BaFin worked together with law enforcement and the German Bundesbank to conduct the operation.
($1 = 0.9002 euros)
($1 = 0.8973 euros)
(Writing by Rachel More, editing by Andrey Sychev)
A cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a technology called blockchain, which ensures transparency and prevents counterfeiting.
Money laundering is the process of making illegally obtained money appear legitimate. It typically involves three steps: placement, layering, and integration.
Cash management refers to the process of collecting, managing, and investing cash in a way that maximizes liquidity and minimizes risk for businesses and individuals.
Blockchain is a decentralized digital ledger technology that records transactions across many computers in a way that ensures the security and transparency of the data.
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