Russian enforcement agencies have started a clamp down on cryptocurrency, this time, Police in that country have confiscated around 22 BATMs installed in restaurants and stores across 9 cites.
The seizure according to media report, is made possible on order of the country’s central banks and the Prosecutor’s Office.
This may be due to the fact that cryptocurrency teller machines installed in the country do not have regulatory backings. In this wise, nothing less than 22 automated teller machines use for selling cryptos in restaurants, stores, and shopping malls were seized by police officers.
The crypto ATMs seized were coordinated by Bbfpro, a firm that maintains many ATMs across Russia, RBC confirmed resting on lawyer Sarkis Darbinyan statements, who is from the Digital Rights Center (DRC), an organization supporting the company.
The organization provides legal backings to firms within the realm of digital industry, including blockchain and crypto companies.
However, the manager of Bbfpro, Artem Bedarev, said before Russia journalists that his firm has been briefed by the police on the reason behind the seizure, nor was a prior notice tendered before the action.
However, he made known that he received a tangible info that the findings by police will continue for nothing less than six months. During this period, the ATMs won’t be returned.
A police officer involved in the seizure made known that the Prosecutor General’s Office acted on request of the Central Bank of Russia (CBR).
Meanwhile, an official of CBR who failed to provide detailed information on the issue said that the regulator conducts “systematic work to identify and counteract illegal activities in the financial market.”
He said that unregulated cross-border movement of funds and cash out opens cryptocurrencies to illegal uses.
On this, the Ministry of Interior and the Prosecutor’s Office have not responded to the media after the operations were carried out.
Appeal On To Return Bbfpro’s ATM.
Sarkis Darbinyan averred that there is no prohibition on the acquisition of digital currencies going by the current legislation in the Russian Federation, pointing that the firm in whose interest he’s appealing follows all legal means, pays its taxes as at when due, and makes users undergo identity verification even when they are not mandated to do so.
He maintained that lots of damages caused by the operation is presently being assessed by Bbfpro.
Around June, Russia made known that it has perfected its cryptocurrency regulatory laws. There was fear that time that the regulations may not favor crypto exchanges and users when fully active.