Russian Authorities Sieze 22 Crypto ATMs

Sep 3, 2018 at 16:02 Update Date :Sep 3, 2018 at 16:02 UTC

Approximately 22 cryptocurrency ATMs have been seized by the Russian Authorities. The operator of these ATMs is planning to appeal in this reference.

There are nearly 3600 cryptocurrency ATMs located across the globe in nearly 70 countries. They are marginally less to be found in Russia, courtesy of a new clampdown by Russian experts.

Law implementing authorities of the country have seized machines in nine distinct cities across the nation. It’s being accounted that all were operated by the organization Bbfpro. Taking all things together, 22 ATMs were seized as a part of raids situated in shopping malls, stores, and restaurants. They were seized on orders, as being reported by the Russian Central bank, and the nation’s prosecutor’s office.

Bfbpro’s manager, Artem Bedarev, has challenged the move, contending that his organization didn’t have any know-abouts from the previously mentioned authorities before the machines were taken. Moreover, the investigation concerning his organization’s ATMs is probably going to take until next year, and the organization won’t get their machines returned to the point that it’s finished.

As per local Russian media, the Central Bank of Russia has been investigating “the possibility of uncontrolled cross-fringe exchange of assets and their subsequent cashing carries high dangers of the potential contribution of cryptocurrencies in illegal activities in the financial market”. It has not been answering specific questions concerning this case, however.

Concerning Bfbpro, it is planning to bid against the seizure of its equipments, and pursue damages for the ‘reputational costs and direct economic damage’, contending that it dangers losing customers for good if a Bitcoin ATM vanishes as customers are likely to return to the same place to discover it.

We’re probably going to hear the results of the Russian authorities’ investigations around next March.


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