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Author Topic: [2018-09-02]RUSSIAN POLICE SEIZE 22 BITCOIN ATMS IN COUNTRYWIDE CRACKDOWN  (Read 45 times)
vit05
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September 02, 2018, 06:13:30 PM
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Could the abrupt and unannounced seizure of 22 Bitcoin ATMs spread across nine Russian cities signal the start of a wider crackdown on crypto-commerce?

ILLEGAL SEARCH AND SEIZURE OF BITCOIN ATMS?
Up until Friday, August 31, BBFpro was contentedly operating a modest Bitcoin ATM service throughout Russia. Then, without warning or explanation, all 22 ATMs were confiscated with any prior notice or warning.

When asked about the seizure, BBFpro CEO Artem Bedarev told local media outlet RBC that the order came from Russia’s Prosecutor General’s Office, adding:

I was told verbally that the inspection would take at least six months and that the ATMs wouldn’t be returned until it’s finished.



BBFpro had 22 machines spread throughout nine cities and Bedarev found it peculiar that each of them was collected almost simultaneously.

Upon further inquiry, representatives of the Russian Bank remained rather tight-lipped but did caution that regulators are “conducting systematic work on uncovering and preventing illegal activities in the financial market.” The same representatives also insinuated that conversion of digital assets to fiat and the possibility of uncontrolled cross-border money transfers could be used to fund an array of illegal financial activities.

BBFpro legal representative and attorney at the Center for Digital Rights, Sarkis Darbinyan said,

There is no ban on the purchase of cryptocurrency in the current legislation. The company complies with all the procedures established by law, it pays taxes, and even identifies users despite the absence of such mandatory requirements.
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BitHodler
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September 02, 2018, 10:00:42 PM
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There is no ban on the purchase of cryptocurrency in the current legislation. The company complies with all the procedures established by law, it pays taxes, and even identifies users despite the absence of such mandatory requirements.
The problem with Russia is that they selectively shut down sites and services, regardless of them being compliant or not. It's impossible to go against them with how they prefer to not be clear with crypto regulations.

As long as they can exploit the grey areas as result of the lack of clarity, they can terrorize every entity as they please. It's a horrible situation but unfortunately not something people can do much about.

For years it has been illegal in Russia to use crypto currencies as money, but they never bothered to crack down on this side of the industry, which just points out that they will only attack when they feel it's time.

It could very well be that the users of these ATMs did something the government didn't like and therefore they had to attack the source.

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September 02, 2018, 10:21:43 PM
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Whereis  the due process of these action from the decision of prosecutors office
Government of russia aren't announcing ban for cryptocurrency why 22 machine confiscated without proper further notice to be fair of the users of atm paying a taxes from the russian government
timerland
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September 03, 2018, 07:24:44 AM
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Inspection is probably just an excuse/cover story for this unconfirmed "crackdown".

The company even states that they are completely compliant, so it's likely that the government isn't targeting the individual business for any wrongdoing, but rather the entire crypto space within Russia, which is definitely worrying.

It could even be a warning for other potential bitcoin ATM operators. While I don't know what the reason is, I could only speculate that they are trying to stop capital flight happening through bitcoin as much as possible through attempting to doing this, since the ATMs themselves even require ID and are not anonymous.

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September 03, 2018, 08:43:22 AM
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The problem with Russia is that they are not regulating Crypto currencies properly. The one moment you hear that Bitcoin is banned and the next moment it is welcomed again. Putin even had meetings with Vitalik from Ethereum and it looked like he was pro Crypto currencies.  Roll Eyes

The people will continue operating even if it is not properly regulated, because they want to be at the forefront of new and innovative technologies. <We know government red-tape takes time to catch up with innovation>  Roll Eyes

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