RATE Group | German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs
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German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs

07 Mar German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs

Posted at 20:55h in Cryptocurrency News by

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German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs

Germany’s Federal Financial Supervisory Authority (BaFin) has shut down unauthorized bitcoin ATMs in the country. Now that cryptocurrency is regulated under the German Banking Act, bitcoin ATM operators need to be authorized by BaFin. The regulator recently clarified what crypto service providers must do to continue their services.

Also read: 40 Banks in Germany Declare Intent to Offer Crypto Services Under New Law

BaFin Axes Unauthorized Bitcoin ATMs

BaFin published on Wednesday a notice regarding its order issued on Feb. 26 to shut down KKT UG’s bitcoin ATM operations in the country. The notice states that BaFin ordered Berlin-based KKT UG and its manager Adam Gramowski of Torun, Poland, to immediately cease their cryptocurrency operations in Germany. BaFin wrote:

On its website www.shitcoins.club, the company advertises in German its bitcoin machines for purchase and sale of cryptocurrencies.

German Crypto Regulator BaFin Shuts Down Unauthorized Bitcoin ATMs
German crypto regulator BaFin has shut down all…

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