Crypto exchanges via ATMs are becoming more complex in Germany
Traders and individuals in Germany are facing difficulties purchasing and selling cryptos via Bitcoin ATMs. The Polish company KKT UG which governs the Shitcoins Club brand created for crypto ATMs has been affected by the financial regulator BaFin.
Crypto ATMs make it easy to enter the crypto market
Users who want to process or trade cryptocurrencies in Germany will now face a challenging task. A few days ago local regulator BaFin confiscated 17 Shitcoins Club ATMs. This happened after a request made by BaFin at the beginning of 2020 when the supervisory body asked the firms to stop operating within the country.
And although these ATMs were extremely beneficial for traders, fees were too high and the spread was too large, and all of this didn’t make it more profitable for users to buy and sell digital assets via such ATMs.
It should also be noted that the country’s parliament has allowed banks to launch crypto selling and storage. This solution has also been approved by adopting a law that enables companies and firms to manage their crypto assets.