Recently, the German Federal Financial Supervisory Authority (BaFin) has launched a crackdown on illegally operated cryptocurrency automatic teller machines (ATMs). In a joint operation, BaFin, in collaboration with the Federal Criminal Police Office and the Deutsche Bundesbank, seized 13 unregistered cryptocurrency ATMs at 35 locations. These devices violated regulations by failing to comply with the registration procedures stipulated in Section 32 of the Bank Act, as well as engaging in the conversion of euros into cryptocurrencies. BaFin emphasized that these illegally installed ATMs could become breeding grounds for criminal activities due to their failure to implement 'know your customer' (KYC) procedures.