There is wild speculation as to whether all BTC machines in Germany should now be withdrawn from circulation, or whether this is an individual case. In an interview with Ivan Mircetic from Freefall GmbH, a Bitcoin ATM operator in Germany and Austria, we investigated the background and want to provide a little more clarity with this article.
Does BaFin ban all Bitcoin machines?
No. To make it really short, I’ll start the article with a clear answer, because a lot of errors and speculations have come together in the chats. In the case mentioned by the Handelsblatt, it is exclusively about the company ShitcoinsClub, which caused a stir at BaFin by changing its name from “KKT UG” to “Virtual Planet OÜ” based in Estonia. Because while the operator had hoped he could circumvent BaFin requirements, the authority saw it differently and has now started to close and confiscate the Bitcoin machines. This led to speculation that Bitcoin ATMs could now be banned in Germany, but this is an isolated case.
The beginning of the end of Bitcoin ATMs?
Even if we are not yet talking about a general ban, it must be clearly said that the blow to the ShitcoinClub is a blow to the Bitcoin vending machine scene. Because the operator is one of the largest in Germany, reducing the number of BTC ATMs to a minimum. A clear step backwards for the adaptation of Bitcoin and ATMs, which are the only “physical” gateway to BTC.