Spanish Police: Bitcoin ATMs a Blind Spot for Money Laundering Laws

Spanish law enforcement pointed out that Bitcoin (BTC) automated teller machines (ATMs) show a gap in European Union’s Anti-Money Laundering (AML) regulations, Bloomberg reports on July 11.

Per the report, Spanish police uncovered a local gang that used Bitcoin ATMs to transfer more than 9 million euros ($10 million) for drug traffickers in Colombia and other countries. 

Bloomberg cites anonymous representatives of Guardia Civil (a type of Spanish law enforcement) alleging that the group hired two machines from trading platforms and installed them in an office in Madrid.

The office in question masqueraded as a center for remittances and cryptocurrency trading. The group reportedly used the center to transfer money from bank accounts to trading platforms to top up the ATMs with digital assets. Cryptocurrencies obtained this way would allegedly then end up being sent to the aforementioned drug traffickers.

Police also reportedly seized the two Bitcoin ATMs, four cold wallets and 20 online wallets. Bloomberg further notes that prosecutors are now trying to prove a correlation between the ATMs and the confiscated digital assets.

As Cointelegraph reported at the beginning of June, the city of Vancouver, Canada, is considering banning bitcoin ATMs due to money laundering concerns.

On the other hand, earlier this month Canadian exchange Coinsquare announced that it has acquired software allowing traditional ATMs to sell cryptocurrencies.

  • 36
Block
Add Reply
Feedback |

support~  

Add Reply
expand

thanks for sharing.

Add Reply
expand

support

Add Reply
expand

mining

Add Reply
expand

Thank you for sharing

Add Reply
expand

support

Add Reply
expand

Keep on sharing

Add Reply
expand

thanks

Add Reply
expand

Come and support

Add Reply
expand

Great sharing

Add Reply
expand

support mining

Add Reply
expand

good day

Add Reply
expand

Come and support

Add Reply
expand

Come and mining

Add Reply
expand

Support

Add Reply
expand

Mining

Add Reply
expand

Nice sharing

Add Reply
expand

Support

Add Reply
expand

Good afternoon

Add Reply
expand

Mining

Add Reply
expand

Support landlord

Add Reply
expand

Mining

Add Reply
expand

Great

Add Reply
expand

Thanks

Add Reply
expand

thumbsup

Add Reply
expand

Support and  mining          

Add Reply
expand

Nice sharing       

Add Reply
expand

support······      

Add Reply
expand

mining ······         

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up