The 22 Bitcoin ATMs seizure in 9 cities of Russia was carried out without informing the company, so said Artem Bedarev, who is the manager of Bbfpro. For that, the company has decided to take further actions.
Sarkis Darbinyan, who is the lawyer representing Bbfpro, noted that the current legislation in the Russian Federation does not prohibit the acquisition of cryptocurrencies. According to him, Bbfpro pays all its taxes, performs identity verification of users even in the absence of a mandatory requirement and observes all legally established procedures.
The lawyer added that Bbfpro is currently assessing the financial damages resulting from the bitcoin ATMs seizure and will appeal against the actions of the law enforcement agencies.
Bbfpro trades in bitcoin core (BTC) and other unspecified cryptocurrencies. The firm works with Exmo, a popular crypto exchange in the former Soviet space, and offers technical support for the teller machines. The installation of a single terminal costs 155,000 rubles, or approximately $2,300 USD. For its services, the company charges 1 percent on the registered turnover.
Currently, the mining of cryptocurrency, trading and crowdfunding are not yet legalized and regulated in Russia. This is expected to happen during the fall session of the State Duma, the lower house of Russia’s parliament, which starts in September.