A Russian cryptocurrency organization is fighting back against Russian authorities who, using the company, illegally seized twenty-two Bitcoin ATMs operating all through the country.

Details of the Seizure

BBFpro, a Russian company that services Bitcoin ATMs in Russia, is simply not experiencing the better of times, as Russian authorities have seized twenty-two from the ATMs. These ATMs, located in strategic places across nine cities, were impounded following orders from your Prosecutor General’s Office, which received a notice from Russia’s apex bank.

According with the company’s CEO, Artem Bedarev, no formal or prior warning was given regarding the confiscation. The CEO asserted he was told verbally that investigations would take up to six months. During that period, the seized ATMs will be held through regulatory body. Bedarev also testified that he discovered the source of the operation from of the officers who conducted the exercise.

Efforts for the statement from your Central Bank official for the seizure proved futile. However, operate said that periodic checks are performed by the regulatory body to hinder the prevalence of fraudulent activities. The official, buttressing the point made, said:

“The opportunity of uncontrolled cross-border transfer of funds along with their subsequent cashing carries high perils of the potential involvement of crypto-currencies in schemes intended for illegal activities inside financial market.”

The attorney representing BBFpro, Sarkis Darbinyan, of your Digital Rights Center, expressed surprise around the action and said there was no law banning virtual currency purchase. Darbinyan added that his client was law-abiding, tax compliant, and achieved user identity verification, without having to be mandated. Presently, the company is counting its losses and titans file an appeal for the seizure of its machines.

The Rise of Bitcoin ATMs Worldwide

Bitcoin ATMs are passed across different countries around the world. While some countries have over 2000 Bitcoin ATMs, some have merely one. Bitcoin ATMs will not be as common and widespread as ATMs used by financial institutions, they are no doubt growing.

In August 2019 , it was subsequently reported which the total number of Bitcoin ATMs globally had surpassed a few,500 milestone, arriving at 3,509. However, according to current statistics furnished by Coinatmradar, the number of Bitcoin ATMs worldwide has reached 3652. The Bitcoin ATM chart monitor revealed that 99.9% of virtual currency ATMs globally support Bitcoin.

Malta, which can be dubbed “blockchain island”, made moves in July to put in two-way Bitcoin ATMs through the entire island. This move continues to reflect the country’s passion for virtual currency and it is desire to make it available for its citizens.