Germany seizes almost $28 million in cash in crypto ATM sting

Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. /Florence Lo/Illustration/File Photo

BERLIN - German authorities have seized almost 25 million euros ($28 million) 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)