ChainCatcher news, the Federal Financial Supervisory Authority (BaFin) of Germany recently launched a nationwide operation against unlicensed cryptocurrency ATMs. This operation seized 13 cryptocurrency ATMs and $28 million in cash. The action took place on August 20 and involved 35 locations that reportedly operated unlicensed crypto ATMs.BaFin emphasized that these unlicensed ATMs are often used for scams, fraud, and money laundering activities, posing a serious risk to the financial system. According to German banking law, cryptocurrency ATM operators must obtain authorization from BaFin. Violators may face severe legal consequences, including up to 5 years of imprisonment.

ChainCatcher news, cryptocurrency custodian Finoa has received three license approvals from the Federal Financial Supervisory Authority (BaFin) of Germany, including custody license approval, broker-dealer license approval, and proprietary trading license approval.In addition, Finoa has completed a strategic venture capital investment led by new investor Middlegame Ventures, with existing investors including Balderton Capital, Coparion, Venture Stars, and Signature Ventures. Finoa has not disclosed the specific amount of financing.It is reported that Finoa completed a $22 million Series A financing in 2021, led by Balderton Capital. (CoinDesk)

ChainCatcher news, Germany's top regulatory authority has called for global regulation of the cryptocurrency industry this week to protect consumers, prevent money laundering, and maintain financial stability.Mark Branson, the chairman of the Federal Financial Supervisory Authority (BaFin), stated that a hands-off approach "will only allow the industry to develop into a playground for adults." (source link)