All Unlicensed Bitcoin ATMs Have Been Closed By Germany’s Federal Financial Supervisory Authority

The world of cryptocurrency seems to have picked up traction over the past few weeks as the news of reforms in the way countries handling the circulation of BTC pour in from different parts of the world. 

In a similar move, after Visa Card users in Mexico could use their Bitcoins for general transactions & the Bitcoin Black Friday Sales, another landmark news comes in from Germany. 

Recently, Germany’s Federal Financial Supervisory Authority (BaFin ) has strictly taken actions and closed unauthorized bitcoin ATM’S. 

A BaFin spokesperson has confirmed. “Presently, BaFin is taking action to close down all of bitcoin ATMs that are installed and operated with no authorization. The ATMs are shut down, so they’re no longer functioning.”, he added. . 

This followed Germany’s new law which came into effect in January 2020, requiring crypto service suppliers to acquire approval from BaFin. 

“Operating bitcoin ATMs requires an authorization to provide financial services (proprietary trading),” that the spokesperson explained. 

However, he noticed that BaFin doesn’t specifically collect information regarding bitcoin ATMs “since operating bitcoin ATMs is not an authorization requirement specified.”

BaFin has identified a variety of unauthorized bitcoin ATMs working in Germany. 

Meanwhile, the Bitcoin ATM operators in Germany have come out asserting that BaFin’s requirements are too stern for smaller companies, proclaiming they are more custom-made to both banks and large monetarist establishments.

In the intervening time, the amount of all bitcoin ATMs has shown a never-seen-before growth internationally, approaching 9,000 machines, as stated by the cryptocurrency ATM monitoring website Coinatmradar.

 In the U.S., the police also have been cracking down on unauthorized bitcoin ATMs. A $25 million bitcoin ATM performance was recently removed and 17 machines in California were captured.

Read more: Has Trevor Noah invested in Bitcoin?

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