17 bitcoin (BTC) ATMs have recently been seized in Germany. In Germany, cryptocurrency ATMs may only be used if the owner has received the appropriate licence from the financial regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
The bitcoin ATMs, or BATMs, are owned by a company called the “Shitcoins Club” from Poland. The company was not licensed to operate in Germany. The owner of the Shitcoins Club, Adam Gramowski, already received the order to discontinue operations in March, but continued to operate cheerfully.
The German Handelsblatt reported about two weeks ago on the existence of these machines, which operate without a licence, and this may have led to the intervention of the BaFin.
The BaFin’s crackdown is due to new regulations regarding cryptocurrencies in Germany. Since the beginning of 2020, the country has been applying new supervisory rules in this sector. This makes it possible for banks to store bitcoin, but companies must also hold the appropriate licences.