BaFin shuts down Bitcoin ATM operator

BaFin, the German financial authority, has shut down the local operation of KKT UG, a Bitcoin ATM operator.

Adam Gramowski, the managing director of the company, was ordered to cease his business in Germany because he doesn’t have the authorisation for cross-border proprietary trading.

This order was issued on February 26th and may be related to EU policy changes, given the fact that enforcement officials do cite Bitcoin ATMs as a gap in Fifth Anti-Money Laundering Directive (AMLD5).

Germany’s new policy on cryptocurrencies could be motivated by the compliance with the Financial Action Task Force (FATF) recommended guidelines.