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Germany’s Financial Regulator Confiscates Unlicensed Bitcoin ATMs

The financial regulator of Germany (BaFin) has confiscated Bitcoin ATM machines that are operating in the country without a written authorization.

As per a report published by Handelsblatt, BaFin targeted cryptocurrency ATM operators that were working in the nation unlawfully. As per the German Banking Act, only BTC machines with a regulator license can operate in the realm.

Moreover, the aforementioned report divulges that the operator of Bitcoin ATMs dubbed “Shitcoins Club” has come under the watchdog’s mallet. In the month of March, the German Federal Financial Supervisory Authority ordered the manager of the Shitcoins Club BTC ATMs, Adam Gramowski, to terminate operations in the country.

It is to be noted that Shitcoins Club’s BTC ATMs are distributed in various areas of Europe. This includes regions like Poland, Spain, and Italy. The reason mentioned by the German financial watchdog at the time for closure is that Gramowski directed proprietary trading commercially without authorization.

In the interim, other operators in the nation seem to be vigilant. One of the benefactors mentioned that BaFin’s up-to-date guidelines are still perplexing and necessities were grim for small businesses. He further mentioned that BTC ATM operators in Germany are terrified of an additional squelching of the crypto ATM domain.

Image by Marja Mäkelä from Pixabay