The Federal Agency for financial supervision of Germany (BaFin) confiscated cryptocurrency terminals Polish operator Shitcoins Club due to non-compliance with regulatory requirements, according to Bits.Media.
According to the publication, in February, the Agency turned to its parent firm KKT UG with the requirement to stop the activities of Shitcoins Club in Germany, as the operator cryptomate absent banking and trading license.
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However, notwithstanding the requirement of the regulator, CEO of KKT UG Adam Grabowski continued to provide services for buying and selling digital currencies through cryptomate in the country. Grabowski refuses to comment on the situation.
Terminals Shitcoins Club is located in many large shopping centers and retail stores in Europe. In Germany, the network of Shitcoins Club owned 17 cryptomate, whereas on the German market there are 67. With the help of machines Shitcoins Club, users could buy BTC, ETH, LTC and DASH for euros, US dollars, British pounds and Swiss francs.
A number of other cryptocurrency ATMs around the world broke a new record
The German regulator has tightened requirements for operators of cryptocurrency terminal after making changes to the fourth Directive against money-laundering. In February, BaFin explained that even firms operating outside the country but serving the German market, should announce the intention to obtain a license by March 31 and apply for a license until November 30.
In February, more than 40 banks said the regulator’s readiness to provide custodian services of cryptocurrency firms. However, the German startups still face problems with opening Bank accounts. This is due to mistrust of banks to the industry and the lack of clarity of regulation.
According to Coin ATM Radar, which published a map with 4 thousand 85 cryptocurrency ATMs in 76 countries, in the USA there were 1 thousand 258 cryptomate, of which more than 1 thousands support the Bitcoin Cash in the UK – more than 200 cars in Central Europe – 750, South America 65 machines in Australia – 54.