InsideBitcoins.com

Unauthorized Bitcoin ATMs Closed by German Crypto Regulator

5 Top US Malls Now Have Bitcoin ATMs

The Federal Financial Supervisory Authority (BaFin), which is now German’s Bitcoin regulator, is shutting down illegal bitcoin ATMs in the country.

BaFin was given the responsibility under the German Banking Act. However, the regulator has listed guidelines the operators of the Bitcoin ATMs must follow to gain back their normal service operation of the ATMs.

ATM shuts down due to unauthorized operation

On Wednesday, BaFin sent out a notification in line with the order is issued on February 20 to close KK UG’s Bitcoin operation in Germany. According to the statement, the regulator ordered KK UG to stop its crypto operation indefinitely in the country.

It pointed out that KK UG is carrying out commercial proprietary trading without getting the necessary authorization. As a result, the company’s ATM has been banned from carrying out transactions in Germany.

The cryptocurrency ATMs of Shitcoins can be seen in self-service shops, shopping centers, as well as several other locations in Europe. The company designed its ATMs to represent the true spirit of cryptocurrency. As a result of the design, they are easily spotted from afar. Coinatmtrader, a crypto ATM tracking website, described the company as operating two types of cryptocurrency ATMs.

Einstein Exchange Shut Down By Canadian Authorities But Still Owes $12 Million 1

The company reiterated that it built and designed all its ATMs.  “All of our ATMs are designed and built by our company. We are offering transactions in the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Dash,” the company wrote on its website.

It also added that people can buy cryptos for CHE, GBP, USD, EUR in most of its ATMs. Besides, traders can sell cryptos via its Shitcoin.club website and use redeemable code to pay money in any of its ATMs.

The website also stated that the company has a crypto ATM operational basis in the Netherlands, Spain, France, Romania, Italy, Poland, and Great Britain. It also allows the buying and selling cryptocurrencies on one on one basis.

Affected Bitcoin ATMs are reportedly offline

As a result of the regulator’s order, one of the company’s cryptocurrency ATMs reads a warning that the biotin ATM is temporarily not operating. It also said the company has been forced to stop their Bitcoin ATM services for the time being as a result of BiaFin’s decision. Even the most recently installed Bitcoin ATMs in Germany in Hamburg (December 7) and Numberg (January 22) are also affected.

Coinatmradar reported that Germany has about 71 installed cryptocurrency ATMs, with six of them in Frankfurt, seven in Berlin, and thirteen in Stuttgart. Four German cities (Munich, Freiburg, Dusseldorf, and Cologne) have five installed crypto ATMs each.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • Excellent choice for U.S. customers
  • Paypal accepted
  • CySEC & FCA regulated
  • Buy 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investor accounts lose money when trading CFDs with this provider.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Established stock-exchange listed company
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees and low spreads
    4.5/5

    Visit Site
    80.5% of retail investor accounts lose money when trading CFDs with this provider.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
      Avatar

      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.