- BaFin has recently shut down all Bitcoin ATMs across Germany.
- Few months back BaFin had banned all the unauthorised cryptocurrency ATMs under the brand name ‘ShitCoins’.
- Wirecard AG had sued the BaFin authorities for not paying attention to the proofs that led to scandal which had collapsed the company.
BaFin which is the short for Federal Financial Supervisory Authority is the sole authority that is responsible for regulating finances in Germany. BaFin is looked upon by Germany’s Federal Ministry of Finance and is an independent federal institution. Currently it looks upon 2700+ banking institutions and 800 financial services institutions. BaFin has recently shut down all Bitcoin ATMs across Germany.
Back In February ShitCoin’s Unauthorised Business Were Halted
TheShitCoinsClub is a Polish company which operates cryptocurrency ATM services. Its ATMs were often found in shopping malls and self service shops all over Europe. Users were allowed to purchase cryptocurrencies in exchange of major fiat currencies like USD, EUR, GBF and so on.
As of now, it has its ATMs operating on all the major locations such as Great Britain, Poland, Italy, Romania, France, Spain, and the Netherlands. Few months back BaFin had banned all the unauthorised cryptocurrency ATMs under the brand name ‘ShitCoins’. This was because all the cryptocurrency ATM operators were supposed to get them authorized by BaFin in compliance with the German Banking Act. Failing to which resulted in such consequences.
ShitCoin Owners Escaped Soon After The Ban
However, the operator of ShitCoin ATMs have apparently fled and engaged themselves with another company. The vending machines may operate under the same ‘ShitCoin’ brand name but their owner is no longer KKT UG. The ShitCoin management team has been replaced too and currently all the vending machines have been kept safe and the shops are sealed.
The Verdict Hampers Crypto Trading In Germany
However, the closure of all cryptocurrency ATMs across Germany is bad news to the country’s crypto traders. The ShitCoin Vending machines were almost everywhere and to an extent made selling and buying of cryptocurrency easier. This has certainly hampered the ‘Bitcoin’ privileges of the German citizens. Many people have even blamed the crypto regulator for destroying this fully lawful business.
This is because a few days ago, Wirecard AG had sued the BaFin authorities for not paying attention to the proofs that led to scandal which had collapsed the company. Moreover, many people have questioned as to why the important issue of money laundering has not been included in the reports. Moreover there are theories arising which claim that BaFin was forced to close the crypto ATMs. The verdict that BaFin has released on the bitcoin ATMs plays a major role in retaining its image after being sued by Wirecard.