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.
The German financial authority elaborated that since cryptocurrencies are financial instruments pursuant to the German Banking Act (Kreditwesengesetz – KWG), the company is conducting proprietary trading on a commercial basis without the required authorization. “It is, therefore, conducting unauthorized business,” the regulator alleged.
Shitcoins Club’s ATMs
Shitcoins Club cryptocurrency ATMs can be found in shopping centers, self-service shops and other locations around Europe. The Polish company’s ATMs “feature bald and exciting design, which represents the true spirit of cryptocurrency. Their ATMs are not easily missed,” cryptocurrency ATM tracking website Coinatmradar describes, adding that the company
