Amhora’s Bitcoin ATM Installed In Dubai Sees Removal After Two Days Citing AML/KYC Obligations

Amhora’s ATM Installed In Dubai Removed After Two Days

Amhora, a cryptocurrency and blockchain related company from the United Arab Emirates (UAE) has installed a new ATM in Dubai, one of the most important cities in the region and a technological hub around the world. However, two days after installing the machine, the ATM was removed due to the fact that they did not comply with local KYC rules.

Amhora’s ATM Removed After Two Days

There are several companies that are installing cryptocurrency ATMs all over the world. However, there are some places that still do not have Bitcoin ATMs. Dubai was one of these cities, even when it is a regional financial and innovation center.

Amhora was the first company installing a Bitcoin ATM in Dubai. The machine was located at the Rixos Premium Hotel in JBR, Marina. The company informed that they installed the ATM on March 19. This is a premium location that is one of the prime attractions for tourists.

However, a few hours after the tweet was uploaded, the Twitter user @razz1993 showed a picture in which he said that the Bitcoin ATM was not there anymore. In the picture, it is possible to see the empty space that before was used by the crypto teller machine.

In another Tweet, Amhora posted an update in which they explain that they have temporarily put-off the ATM form its location. The intention is to be compliant with the local AML and KYC regulations.

Amhora has partnered with the cryptocurrency ATM manufacturer Lamassu in order to set the hardware up. The machine does not have crypto selling options but the intention is to offer support for it as well. Each of the orders placed will pay a 5% commission that will directly go to Amhora.

At the time of writing this article, there are 4487 ATMs as reported by CoinATMRadar. 72% of them are located in North America, followed by Europe with 23.3%, Asia with 2.4% and South America with 1.2% of the machines.

In several countries, companies have to request users’ ID or other identification if they want to operate with these ATMs.

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