German financial regulator BaFin is seizing bitcoin ATMs installed by “Shitcoins Club” months after ordering its Polish operator to cease trading cryptocurrency within the country.
Recently on Wednesday, authorities began shuttering “Shitcoins Club” storefronts, thereby starting to seize its Bitcoin [BTC] ATM machinery, a BaFin official confirmed, for allegedly operating without banking or proprietary trading licenses.
BaFin ordered Shitcoins’ parent company KKT UG to cease all German cryptocurrency operations earlier in February. But CEO Adam Gramowski flaunted regulators’ demands and kept his kiosks running, consistent with financial news website Handelsblatt.
The action will likely take a considerable portion of Bitcoin ATMs installed in Germany offline. Shitcoins Club has around 17 Bitcoin [BTC], litecoin and Ethereum [ETH] ATMs in operational within the country; Germany as an entire has only 67 operational bitcoin ATMs.