BaFin shuts down Bitcoin ATM operator

Monday 9 March 2020 13:12 CET | News

BaFin, the German financial authority, has shut down the local operation of KKT UG, a Bitcoin ATM operator.

Adam Gramowski, the managing director of the company, was ordered to cease his business in Germany because he doesn’t have the authorisation for cross-border proprietary trading.

This order was issued on February 26th and may be related to EU policy changes, given the fact that enforcement officials do cite Bitcoin ATMs as a gap in Fifth Anti-Money Laundering Directive (AMLD5).

Germany’s new policy on cryptocurrencies could be motivated by the compliance with the Financial Action Task Force (FATF) recommended guidelines.

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Keywords: cryptocurrency, ATM, KKT, BaFin, financial, Germany, Bitcoin
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Germany
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Blockchain & Cryptocurrencies

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