Germany’s FCA Shuts Down Bitcoin ATMs

general bytes ln bitcoin atm

Germany’s Financial Conducts Regulator, BaFin, has closed the operations in their country of one of the biggest bitcoin ATM provider. The action comes following EU level regulations which BaFin has interpreted as requiring bitcoin ATM providers to have a license for proprietary trading in accordance with the German Banking Act or a banking license. To have this license BaFin now requires the responsible managing directors to have worked in a management position in finance for several years. Adam Gramowski, CEO of KKT UG which operates the Shitcoins Club, does not have this license. “Now the machines are secured and the shops are officially sealed. A first confirmed closure is already in Cologne, the official seal bears today’s date [Aug 5 2020], as well as an official announcement in the shop window,” says local media. BaFin required Gramowski to cease operations within Germany in March. The company did so, but then…

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