Bitcoin (BTC) ATMs a place for money laundering according to Spanish police

Bitcoin (BTC) ATMs a place for money laundering according to Spanish police

Bitcoin (BTC) ATMs a place for money laundering according to Spanish police

Spanish law enforcement pointed out that Bitcoin (BTC ) ATMs are a blind spot in the anti-money laundering legislation (AML) of the European Union. This reported Bloomberg on July 11.

The report revealed that the Spanish police have wound up a local gang that used Bitcoin ATMs to channel over € 9 million for drug traffickers in Colombia and other countries.

Anonymous representatives of Guardia Civil (Spanish law enforcement), claimed that the group had rented two Bitcoin ATMs and had them installed at an office in Madrid. The local gang’s office looked like a center for money transfers and for cryptocurrency trading.

The group would have used the property to transfer money from bank accounts to exchanges, in order to fill the ATMs with cryptocurrencies. These cryptocurrencies would then be sent to drug couriers.

The police have reportedly seized two Bitcoin cash machines, four cold wallets and 20 online wallets. Bloomberg further notes that the prosecutors are now trying to make a connection between the ATMs and the confiscated digital assets.

Earlier today we already posted an article in which Donald Trump gave his opinion about Bitcoin and cryptocurrencies. It should be noted, among other things, that unregulated crypto assets can simplify illegal behavior, including drug trafficking and other illegal activities.

Stay up to date!

Follow us on Twitter and Facebook!

About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

Be the first to comment

Leave a Reply

Your email address will not be published.


*