Spanish police: Bitcoin ATM shows blind spots in EU anti-money laundering law

According to Cointelegraph, the Spanish law enforcement agency recently released a report saying that the Bitcoin ATM machine showed a blind spot in the EU Anti-Money Laundering Act (AML). The report pointed out that the Spanish police recently discovered that a local group used Bitcoin ATM to transfer more than 9 million euros (about 10 million US dollars) to drug dealers in Colombia and other countries. The group rented two machines from the trading platform and installed them in an office in Madrid, which was disguised as a cryptocurrency trading center. The organization uses the center to transfer funds from bank accounts to trading platforms to recharge digital assets for ATMs. It is said that the cryptocurrency obtained in this way will eventually be sent to the above-mentioned drug dealers. In this case, the police seized two Bitcoin ATMs, four cold wallets and 20 online wallets. Prosecutors are currently trying to prove the connection between ATMs and confiscated digital assets. It is reported that the Canadian Coinsquare Exchange announced earlier this month that it has acquired a software that allows traditional ATM machines to sell cryptocurrencies.