Shitcoins.club bits are illegal in Germany, believes BaFin
The German equivalent of the KNF – BaFin – believes that the Polish company’s bitmaking machines are illegal in Germany. Shitcoins.club has a problem?
Shitcoins.club and BaFin
According to the Comparic.pl portal, the KKT UG company received an order to stop “cross-border cryptocurrency operations” in Germany. The decision is supported by the financial market regulator BaFin. Let us add that the company owns a platform for buying and selling cryptocurrencies (shitcoins.club). Moreover, it has more than 30 own bitomats, which are located all over the country.
Currently, cryptocurrencies in Germany are already considered as financial instruments, so the related activities are strictly regulated and licensed. Unfortunately, the mentioned KKT UG does not have the necessary approvals and licenses to conduct such activity.
“According to the current arrangements of BaFin, the PCC UG and its President of the Board, Mr Adam Gramowski, are responsible for the website www.shitcoins.club, as well as for the ATMs for the purchase and sale of the cryptocurrencies which the PCC UG issues and operates in Germany and which it advertises on the above-mentioned website”.
– informed BaFin in the Polish language version of the statement.
Changes in German law
A new cryptocurrency law has been in force in Germany since this year.
As the news agency Handelsblatt explained:
“From 2020 onwards, financial institutions will be able to offer their customers online banking at the push of a button, as well as classic securities such as shares and bonds and cryptocurrencies
The Association of German Banks – a large lobbying group representing more than 200 financial institutions – supports the bill, arguing that supervised financial institutions have the experience and risk mechanisms to secure the assets of their clients.
Sven Hildebrandt – head of Distributed Ledger Consulting – told the media in the autumn:
“Germany is on track to become a cryptic heaven. The German legislator is playing a pioneering role in the regulation of crypto. ”
As you can see, the regulations have been well evaluated by the digital currency market in our western neighbor, but… you have to comply with them. Why didn’t the UGTC do it? It’s not clear. It is possible that it has plans to comply with the regulations or to withdraw from the German market.