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BaFin Closed Bitcoin ATM In Germany Latest 2020

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BaFin Closed Bitcoin ATM In Germany
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BaFin Closed Bitcoin ATM: Dear investors interesting news for every crypto investor. All illegal ATMs are being closed by BaFin in Germany.

BaFin is a German-based financial regulation institution. it controls or monitors the money movement in Germany.

BaFin controls all crypto and other money regulation.

No currency transaction of any kind can happen in Germany. Without the approval of this authority or institution.

Why BaFin Closed Bitcoin ATM In Germany

Germany is a very positive thinking country, here any kind of illegal activity cannot be carried out.

According to information received from the bitcoin news website, this authority has closed such bitcoin ATMs which were illegal.

In other words, you can think of it as Germany licensed only currency trading to some cryptocurrency exchange.

But these cryptocurrency exchanges also installed their ATMs without a license. Because of which all these ATMs were considered unauthorized.

Now Germany’s Financial Regulatory Authority has closed all these unauthorized bitcoin ATM.

How These Bitcoin ATMs Will Be ReActivated

There is no ban on cryptocurrency in Germany, but it has its own rules and regulations.

If any cryptocurrency exchange follows its rules and regulations. Then only it will be able to stay there. The same condition is with bitcoin ATMs.

If any cryptocurrency exchange or other cryptocurrency company has to install bitcoin ATMs in Germany. Likewise, They will have to follow proper legal proceedings or legal process.

You can install bitcoin ATM here only after disposing of all your paperwork correctly.

How BTC ATM Become Un Authorised

The question arises in your mind how suddenly these ATMs have become unauthorized. You might be thinking that Germany is very strict about cryptocurrency. So how did unauthorized ATMs become here?

BaFin Closed Bitcoin ATM In Germany
BaFin Closed Bitcoin ATM In Germany

We want to tell you that Germany is preparing new rules and regulations. Also, Regarding the cryptocurrency regulation and the old rules keep improving.

All this is happening by keeping in mind the interests of cryptocurrency investors and merchants. Likewise, As the demand increases over time. New rules are made here in Germany. And on that basis, some of the Existing systems may become unauthorized.

Also, Read:

Cryptocurrency Is Going to relaunch In India.
RBI Challenging Supreme Court Order File a Review Petition Against SC order.

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