German Federal Financial Supervisory Authority cracks down on illegal bitcoin ATMs.

German Federal Financial Supervisory Authority (BaFin) recently cracked down on illegal Bitcoin ATMs within the country’s territory.

German Federal Financial Supervisory Authority (BaFin) recently cracked down on illegal Bitcoin ATMs within the country’s territory. The German authority has been rather strict about only licensed ATMs having permission to operate in Germany. However, despite this, a number of unlicensed illegal, bitcoin ATM providers seem to have emerged all around the country. According to a report by Handelsblatt, the regulator targeted ATMs provided by Shitcoins Club. This is a BTC ATM operator led by Adam Gramowski. The provider of the bitcoin ATM was ordered to stop operating in the country seven months ago.

 

Shitcoins Club also offers ATMs in other countries as well. 

Gramowski’s ATMs stopped providing services in the country for a while. However, the report notes that the company eventually returned to business in Germany despite receiving a cease order from authorities. In addition, Shitcoins Club is currently offering bitcoin ATMs in a number of other European countries, including Poland, Spain, and Italy. After the company resumed its operations in Germany, it opened over 16 functioning BATM kiosks within the country. This time, the regulator is not providing new warnings. Instead, it cracked down on the firm and its kiosks, causing other such operators to be a lot more cautious. 

 

Crypto scams continue to rise around the worldwide. 

Earlier this year, the US Federal Bureau of Investigation issued a warning about how scammers might be looking to unleash a surge in crypto scams amid the ongoing global pandemic. Since the inception of bitcoin, the leading cryptocurrency has come a long way as it continues to gain mainstream exposure. However, scams related to crypto have also increased over the last few years many times. As reported earlier today, the Attorney General of California also issued a warning against the increasing number of crypto scams. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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