22 Cryptocurrency ATM’s Seized By Russian Police

22 cryptocurrency ATM’s have been seized by Russian Police following orders from the country’s central bank.

According to RBC, a local media source in Russia, cryptocurrency ATM’s belonging to BBFpro were seized causing the company to suffer economic damages as well a taking a huge dent in their reputation, according to Sarkis Darbinian, an attorney for the Center of Digital Rights, which defends the company.

Artem Bedarev, head of BBFpro, told RBC the company does not understand the action and did not receive any preliminary inquiries from the prosecutor.

Bedarev was allegedly told that an investigation will be conducted which will last 6 months. This is according to one of the employee’s who carried out the seizure, the same employee has also said that the Prosecutor General’s Office took the action based on a letter from the Bank of Russia.

The company who operated 22 terminals, all of which were located in stores, bars and shopping centres, spread across 9 cities .

A representative from the Central Bank refused to comment on the seizure, although he did specify that the ‘regulator’ performs systematic actions to determine and correct illegal financial activities.

The chance for uncontrolled cross-border transfers brings the risk of cryptocurrency involvement in illegal financial activities, the representative said.

Darbinian, the attorney for the Center of Digital Rights, stated their is no laws against the purchase of cryptocurrencies and that BBFpro abides by statutory procedures, identifies users and pays taxes.


Stolen Bitcoin ATM’s

Bitcoin ATM thefts are becoming a real problem. In January, there had been over 10 Bitcoin ATM machines stolen according to Bitcoin.com! 2017 though has seen that number increase, with regular thefts being reported. Most recently in late October 2017, when a Bitcoin ATM was stolen from Oudenbosch in The Netherlands.

Joke was on them though as the owner laughed:

“Bitcoins are virtual coins, so it seems logical to me that there is nothing to get out of the machine, but they would have thought that they had the jackpot with a machine full of bitcoins,”

Although there are some ATM’s which do accept and dispense cash, the one in question here accepted purchases and sales only from card.

Unfortunately for some Bitcoin ATM owners though, they haven’t been so lucky, and their machines containing actual cash have been stolen!

It’s a problem that’s likely going to continue increasing, especially with the Bitcoin price rising so high.

Opportunistic thieves learning about Bitcoin but not knowing much about the digital currency, may see the ATM’s and hope they will find lot’s of valuable Bitcoins hiding inside!

The truth however is that in most ATM’s, although they may contain a relatively small amount of cash, the Bitcoin can of course never be stolen from the machine.

Don’t forget to find Bitcoin ATM’s close to you! We do not advocate stealing the ATM’s though of course!

Join our Telegram channel to track our $10,000 cryptocurrency portfolio


By | 2018-09-03T17:55:36+00:00 September 3rd, 2018|Cryptocurrency News|0 Comments

Leave A Comment