RATE Group | German Financial Regulator Takes Action Against First Bitcoin ATMs
81980
post-template-default,single,single-post,postid-81980,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

German Financial Regulator Takes Action Against First Bitcoin ATMs

German Financial Regulator Takes Action Against First Bitcoin ATMs

[ad_1]

The German financial watchdog is stopping the operations of a company KKT UG from Berlin that allows consumers to buy and sell cryptocurrencies at ATMs.

Lack of necessary permission

According to a March 4 statement, BaFin ordered Mr. Adam Gramowski, who runs KKT UG as managing editor, to cease cross-border proprietary trading. The order was issued on Feb. 26.

On its website www.shitcoins.club, the company advertises 24 bitcoin machines für purchase and sale of cryptocurrencies in Germany. Moreover, its business apparently extends across the whole of Europe. According to his LinkedIn profile, Gramowski also works as CEO of Bitcoin Technologies in Torun, Poland.

According to BaFin, Gramowski conducts commercial proprietary trading via KKT UG, which requires a BaFin license under the German Banking Act (Kreditwesengesetz, KWG).  Apparently the operator lacked the necessary permission for this.

Germany-based Bitcoin ATMs need the BaFin licence

Cryptocurrency ATMs have so far had uncertain…

[ad_2]

Source link