Germany’s financial regulator has seized almost 25 million euros ($28 million) in cash due to a nationwide operation targeting cryptocurrency ATMs. In a statement, the regulator BaFin said 13 machines had been seized as they were found to be operating without the necessary permits which carries the risk of money laundering. BaFin officials, with the support of police, German Bundesbank, and the Federal Criminal Police Office visited a total of 35 locations to take action against the exhibitors. They also collected the illegally operated vending machines with around 60 emergency forces. “The exchange of euros into cryptocurrencies and vice versa represents commercial proprietary trading or a banking transaction and therefore requires the express permission of BaFin according to the law (§ 32 Banking Act).