According to a statement released on August 20, the regulator seized 13 crypto ATMs that were allegedly installed without proper authorization, violating the German Banking Act. This law mandates that any business offering currency exchange services must be registered and regulated.

These unlicensed ATMs, used for trading Bitcoin (BTC) and other cryptocurrencies, were found across 35 different locations in Germany.

German officials expressed concerns about the potential for these unregulated ATMs to facilitate illegal activities. Officials warned that without stringent Know Your Customer (KYC) measures, transactions exceeding 10,000 euros could easily escape scrutiny, making these machines attractive tools for money laundering and other crimes.

This enforcement operation was a coordinated effort involving BaFin, the Federal Criminal Police Office, local law enforcement agencies, and Germany’s central bank, the Bundesbank.

The broader implication of this crackdown is a clear message from BaFin and other German authorities: cryptocurrency-related businesses must comply with existing financial regulations to ensure the integrity of the financial system.

German regulators are not the first to target crypto ATMs. Last year, the Financial Conduct Authority (FCA) of the UK closed at least 26 crypto ATMs.

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According to an August 19 report by Politico, Conway, who has been actively promoting crypto-friendly policies in Congress, was unaware of this decision.

He believes this move could jeopardize the push for favorable crypto regulations, especially at a time when Senate Majority Leader Chuck Schumer is working to pass a significant crypto regulation bill.

In an email sent to PAC members, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse, Conway, who contributed $500,000 to one of the PACs in December, did not hold back his criticism. He stated:

You all know that is ‘slap in the face’ to Sen Schumer and a ‘slap in the face’ to me when you know I’m meeting him in <San Francisco> tomorrow. How short sighted and stupid can you possibly be?

Further expressing his disappointment, Conway pointed out that he has used his over 25 years of personal relationships to support the crypto movement, yet was kept in the dark about this major decision. He said:

Not one person bothered to give me a heads up that you were doing this <…>. Sadly, I’m even a donor to Fairshake.

This situation highlights growing tensions within the crypto industry as the US presidential election draws closer.

In other news, a group of “industry leaders, policy experts, and everyday crypto-enthusiasts”, including Mark Cuban, established the Crypto4Harris movement to support the Kamala Harris presidential campaign.

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© BitDegree.org – An Independent Educational Initiative of Bringing Web3 Knowledge to The Masses |


[email protected]

We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. Additional terms may apply to free offers.
Disclosure: To ensure our site’s review data always stays free & running up to date, sometimes we might receive a small commission if the reader purchases through our site links, at zero additional cost.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

The European Union is taking significant steps towards tightening the reins on the cryptocurrency market by introducing new laws aimed at anti-money laundering (AML) and countering terrorism financing.

The European Parliament’s leading committees have given their nod to a proposal to ban anonymous crypto transactions.

This encompasses transactions of any value executed through hosted or custodial wallets provided by third parties, such as centralized exchanges.

The push for stricter regulation follows an agreement between the European Council and Parliament to broaden the scope of the EU’s AML and counter-terrorism financing directives to include the crypto market.

However, the ban has not been without its critics. Patrick Breyer from the Pirate Party of Germany and Gunnar Beck from Alternative for Germany stood against the majority, voicing concerns over privacy and economic freedoms.

The forthcoming legislation also sets forth limitations on anonymous cash transactions, imposing a cap of 3,000 euros for commercial dealings and outright banning cash transactions exceeding 10,000 euros in a business context.

The legislation is expected to be fully operational within three years from its effective date.

As the crypto community grapples with these changes, the implications of this legislation will undoubtedly be felt worldwide, challenging the notion of anonymity that has long been central to the ethos of crypto transactions.

In other news from the European crypto regulation front, the European Banking Authority (EBA) has recently issued the final draft Regulatory Technical Standards (RTS) specifically targeting stablecoins tied to multiple currencies.

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As explored in last week’s Mission, KuCoin is not simply a crypto exchange—it is an entire crypto ecosystem with the most essential tools that every crypto trader seeks.

There is now an opportunity to dig even deeper into understanding this ecosystem as BitDegree and KuCoin launch another Mission, this time focusing specifically on the KuCoin Wallet.

This Mission, consisting of four engaging rounds, offers participants an in-depth look into the benefits of the KuCoin Wallet, which will be helpful for those who are considering using this crypto exchange (and beyond).

The perks of the Mission don’t stop here—it is free of charge, and you can also earn USDT bonuses and airdrop rewards of up to 100 USDT, alongside winning Bits!

However, note that if you want to go after these exciting rewards, you must complete the Mission before its deadline, April 15.

You don’t want to miss out on this opportunity—expand your Web3 knowledge and win prizes with BitDegree and KuCoin now!

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The Philippines Securities and Exchange Commission (SEC) has announced its decision to restrict local access to Binance, the world’s largest cryptocurrency exchange platform.

This decision, disclosed in a recent notice, stems from the crypto exchange’s operation within the country without the required licensing.

The SEC’s initiative to limit Binance’s operations in the Philippines follows a period of observation and warning. The regulatory body had previously flagged the cryptocurrency exchange in November 2023 for offering investment and trading services without obtaining the necessary regulatory approval.

This week, the SEC escalated its actions by formally requesting the assistance of the national telecommunications agency, aiming to block Binance’s website and any associated web pages.

The restriction is intended to safeguard Filipino investors by curtailing their access to what the SEC perceives as an unlicensed and, therefore, potentially unsafe trading environment.

SEC Chairperson Emilio B. Aquino explained in a letter to the telecommunications agency:

The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.

Moreover, the SEC took issue with Binance’s marketing strategies, pointing out the company’s use of social media to attract investors from the Philippines without securing the appropriate regulatory clearances.

This development is a clear message to other crypto platforms operating in the Philippines and beyond, emphasizing the importance of compliance with local laws and regulations to ensure continued access to these growing markets.

Binance is also facing challenges in Nigeria. One of the crypto exchange’s executives has recently used a fake passport to escape detention in the country amid tax evasion charges against Binance.

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Do Kwon, the co-founder of Terraform Labs, has been set free from Montenegrin custody.

As per Bloomberg, Kwon was released on March 23 after completing his sentence for possessing fraudulent travel documents.

Kwon’s lawyer, Goran Rodic, has confirmed his release and is reportedly preparing to challenge any extradition decision, advocating for his freedom during the interim period.

Following the release, Kwon was transferred to a facility for foreign nationals, pending further legal proceedings. His passport has been confiscated, restricting his ability to leave Montenegro.

It has been reported that the Supreme Court Council was behind the decision to temporarily free Kwon as they prepare to evaluate whether to approve or reject his extradition to South Korea, his homeland.

At the heart of the controversy is the dramatic collapse of the Terra digital currency platform in 2022, which erased around $60 billion in market value and sparked fraud allegations in multiple jurisdictions.

In the aftermath of the downfall, Kwon faces charges in the US and South Korea, with both countries seeking his custody. He faces eight charges in the US, including fraud and market manipulation. In South Korea, he is accused of fraud and violating capital markets law, with a looming 40-year prison sentence.

Given the decentralized and borderless nature of digital currencies, the case has highlighted the international legal challenges associated with prosecuting alleged crypto fraud.

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In a recent episode of the Unchained Podcast, Kyle Davies, the co-founder of the collapsed Three Arrows Capital (3AC), firmly stated that he harbors no apologies for the crypto hedge fund’s bankruptcy.

3AC’s journey from its foundation in 2012 to its eventual downfall encapsulates the volatile nature of the crypto industry. The firm’s co-founders, Kyle Davies and Su Zhu, encountered a stark reversal of fortune when the 2022 crypto market crash triggered insolvency proceedings.

He justifies feeling no remorse by saying that the case of 3AC was not uncommon, as “companies go bankrupt all the time.”

He also expressed a forward-looking perspective, advocating for the value that can still be contributed despite past setbacks:

At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.

Davies also revealed that, for the moment, he plans to remain outside Singapore, attempting to avoid the legal problems Zhu had to face in the country in October 2023. He was arrested and subsequently sentenced to four months in prison for contempt of court, a penalty from which he was released early for good behavior.

Davies argued that the contempt of court was unintentional, as neither he nor his colleague were aware of a court date.

A month before the arrest, Singaporean authorities imposed a nine-year ban on Davies and Zhu, prohibiting them from participating in the country’s regulated financial services industry.

The narrative of 3AC’s aftermath also includes the founders’ establishment of OPNX, a bankruptcy claims exchange, which was subsequently under scrutiny by Dubai’s crypto regulator for violating several market regulations.

Despite its initial shutdown, the platform has seen a revival amid the crypto market’s current bull run. It is now under the new guise of $LAMB, a token purportedly embodying the principles of “Sacrifice, Servant Leadership, and the Kingdom of God being within you.”

This intricate web of financial, legal, and regulatory challenges encapsulates the tumultuous path of Three Arrows Capital and its founders, underscoring the unpredictable and often precarious nature of the cryptocurrency sector.

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Steve Wozniak, the co-founder of Apple, has secured a favorable ruling in the ongoing legal battle with YouTube, allowing his lawsuit to continue.

This dispute revolves around a series of altered videos that exploited Wozniak’s image to promote a Bitcoin (BTC) scam in 2020.

These videos, also involving other high-profile individuals like Elon Musk and Bill Gates, promised viewers double returns on their Bitcoin investments, leading to widespread misinformation and financial losses.

Wozniak, alongside 17 other defrauded users, initiated legal action against YouTube and its parent company, Google, in response to the spread of these videos on the platform.

A San Jose appeals court recently overturned a previous ruling, challenging YouTube’s claim of immunity under Section 230 of the Communications Decency Act, a legislation that protects online platforms from being blamed for content their users post.

The plaintiffs tried to argue YouTube’s involvement in the scam by using an example of at least one instance where the scammers were awarded a “verification badge”—a blue checkmark—indicating the platform had verified the channel as credible.

Wozniak’s attorney, Joe Cotchett, emphasized that Section 230 should not serve as an absolute defense and remarked:

This ruling underscores the necessity for social media giants like Google and YouTube to be accountable for their platforms.

The implications of this verdict extend beyond the immediate parties involved, potentially influencing how federal laws govern online media, suggesting a need for a reevaluation of the responsibilities of platforms in policing their content.

It is not the first time that YouTube and crypto scams have been used in the same sentence. Crypto sleuths ZachXBT and Coffeezilla have previously called out the platform’s star KSI for using pump-and-dump schemes.

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