German authorities begin operation to seize Shitcoins Club Bitcoin ATMs

The German Federal Financial Supervisory Authority (BaFin) has begun seizing the Shitcoins Club Bitcoin ATM network. Earlier, the regulator demanded that the Polish operator of the terminals, KKT UG, halt operations, CoinDesk.

The operation to liquidate the Shitcoins Club ATM network began on Wednesday, August 5.

BaFin said the operator provided financial services without an appropriate banking or trading license.

The regulator first contacted KKT UG in February this year. The company’s managing director, Adam Gramowski, refused to comply with a directive to immediately cease commercial activity. For another six months, the company continued to provide cryptocurrency buying and selling services through its terminals.

In Germany, Shitcoins Club owns 17 Bitcoin ATMs. In total, there are 67 of them in the country.

Earlier this summer, the German security-token platform Neufund announced its closure due to regulatory uncertainty surrounding the cryptocurrency industry.

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