ABCEX Launches Crypto-Fiat ATM in Moscow

The Russian bitcoin exchange ABCEX has introduced an ATM for crypto-fiat exchange. The machine is located at the trading platform’s office in “Moscow-City.”

Through the ATM, clients can top up exchange accounts and withdraw funds in rubles without fees.

There are plans to install similar machines in all major cities across Russia.

In comments to ForkLog, ABCEX representatives explained that from a legal standpoint, such an ATM is a software-hardware complex for handling cash and is unrelated to cryptocurrencies. 

“In fact, it’s just a smarter money-counting machine, similar to those now replacing cashiers in coffee shops. Naturally, such devices are completely legal and safe, as the exchange occurs on the platform,” ABCEX stated.

Andrey Tugarin, founder of the legal firm GMT Legal, told ForkLog that crypto ATMs are typically associated with a specific provider, often a cryptocurrency exchange. 

“When discussing the security of [crypto-fiat exchange via ATM], one must first assess the legal status of the exchange, its jurisdiction, the presence of a responsible party, and a license if necessary,” the lawyer explained. 

According to him, there is no law in Russia regulating the activities of cryptocurrency trading platforms. Nevertheless, the law on mining adopted in August 2024 prohibits advertising and publicly offering services for the circulation of digital currency in Russia, such as exchanges and trading platforms. 

“Therefore, if this crypto ATM is not located in a closed area accessible only to a specific group, its installation closely borders on violating the ban and may lead to various consequences and reactions from the authorities,” Tugarin added.

Back in January 2024, ABCEX added the cryptoruble to its listing.