Bitcoin ATMs are being closed in Germany

Bitcoin ATMs are being closed in Germany
August 11
07:59 2020

German financial regulatory authority BaFin (Federal Financial Supervisory Authority) started closing down Bitcoin ATMs, according to Bitcoin.com. This concerns all unlicensed ATMs not registered with the authority, which are no longer in operation after shutting down.

It seems that there are 51 Bitcoin ATMs in Germany at the moment of writing. Recently, BaFin also shut down cryptocurrency ATMs of the Polish organization Shitcoins Club. This company did not cease its operations in the country after the BaFin’s order. That is why it also became a target of ATM removals.

In January 2020, the 5AMLD law came into effect in Germany, allowing the banks in the country to store and sell crypto assets. If a bank wants to provide such services to its customers, it only needs to register with BaFin first. The closure of the unlicensed ATM can be related to this law, according to Bitcoin.com.

Despite the closure of the ATMs, Germany still remains a financial haven for cryptocurrency enthusiasts. As long as the organization operates in a legal way and registers with financial authorities, there is no barrier for selling cryptocurrencies to clients. This openness to cryptocurrencies is very uncommon, even among developed countries, and plays an important role in the adoption of digital assets.

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