Bitcoin ATM (crypto ATM)
A machine where you exchange cash for bitcoin. In Germany, the operator needs a licence; BaFin, the German financial regulator, seized unlicensed machines in 2024. Scammers deliberately push victims to pay in at such machines.
Alsocrypto ATMBTMBitcoin cash machinecrypto kiosk
A Bitcoin ATM works like a cash machine in reverse: you insert banknotes, scan the QR code of a Bitcoin addressGlossaryBitcoin addressA string of characters like ‘bc1q…’ that someone can send bitcoin to. It is usually derived from a public key, can be shared without risk to your funds and should be generated afresh for every payment.On the learning path: Stage 5 · Step 4 – First withdrawal →In the glossary →, and the operator sends bitcoin there. Some machines also pay out cash for bitcoin.
The legal situation in Germany
Anyone who exchanges euros for bitcoin commercially needs a licence – at an ATM too. On 20 August 2024, BaFinGlossaryBaFin (Germany’s Federal Financial Supervisory Authority)Germany’s financial regulator, based in Bonn and Frankfurt am Main. In Germany, it is responsible for authorising and supervising crypto service providers under MiCA, and it warns about unauthorised offers.On the learning path: Stage 6 · Step 2 – Spotting scams →In the glossary →, Germany’s financial regulator, seized 13 unlicensed machines and almost €250,000 in cash at 35 locations.[2] Since 30 December 2024, the licensing requirement has come from MiCAGlossaryMiCA (Markets in Crypto-Assets Regulation)The EU regulation on markets in crypto-assets. Since 30 December 2024, exchanges, brokers and custodians in the EU have needed authorisation; the last transitional period ended on 1 July 2026. MiCA regulates providers, not Bitcoin itself.On the learning path: Stage 4 · Step 2 – Choosing a provider →In the glossary →, which applies throughout the EU.[1]
Scams at the machine
Typically, someone on the phone poses as the police, your bank or an authority and claims your money is at risk. You’re told to withdraw it, pay it in at an ATM and scan a QR code they give you. Then it’s gone for good. For 2025, the FBI counted 13,460 complaints related to crypto ATMs in the US alone, with around $389 million in losses.[3]
What this means for you
For a normal purchase there are usually cheaper ways. If you still use an ATM, check the operator’s licence and only scan the address of your own wallet. Compare the machine’s rate with the market price in the currency you pay in: currently $85,533, or €76,470 in euros. More in Bitcoin ATMs & cash.
Related terms
These terms are closely connected.
- This termBitcoin ATM(crypto ATM)
- P2P trading (peer-to-peer trading)Buying or selling bitcoin directly between private individuals, often via software that locks the bitcoin in an escrow address until the payment arrives. More privacy, but more effort and scam risks of its own.
- KYC (Know Your Customer)The obligation of regulated providers to identify you before the business relationship starts and to ask, for example, about its purpose and, where necessary, the source of your money. In Germany, the legal basis is the Money Laundering Act (GwG).
- BaFin (Germany’s Federal Financial Supervisory Authority)Germany’s financial regulator, based in Bonn and Frankfurt am Main. In Germany, it is responsible for authorising and supervising crypto service providers under MiCA, and it warns about unauthorised offers.
- PhishingFraud using fake emails, text messages, websites or calls that look like genuine exchanges, wallet makers or banks. The goal is your passwords, 2FA codes – and above all your seed phrase.
- Bitcoin addressA string of characters like ‘bc1q…’ that someone can send bitcoin to. It is usually derived from a public key, can be shared without risk to your funds and should be generated afresh for every payment.
Explained in depth
These articles go into more detail:
- Deep dive · Stage 4Bitcoin ATMsBitcoin ATMs: what’s allowed in Germany, what they cost, how the ‘pay it in at the machine’ scam works and better ways to turn cash into bitcoin.
- Stage 6 · Step 2Spotting scamsPhishing, fake support, investment and romance scams, AI fakes: how to spot 13 typical Bitcoin scams – and what to do if the worst happens.
More from „Buying & trading“
Sources3 sources · 2 publishers
The superscript numbers in the text refer to these sources.
- Merkblatt Kryptowerte-Dienstleistungen nach MiCAR (guidance notice on crypto-asset services under MiCAR) – BaFin, 03.01.2025 (accessed 28/09/2026)
- BaFin-Razzia gegen Betreiber von Krypto-Automaten (BaFin raid on crypto ATM operators) – BaFin, 20.08.2024 (accessed 28/09/2026)
- IC3 Cryptocurrency Kiosk Complaint Data By State – FBI Internet Crime Complaint Center (IC3), 15.05.2026 (accessed 28/09/2026)
This entry is for education only and is not investment, tax or legal advice.