This week, the cryptocurrency community celebrated the installation of the first bitcoin ATM in Dubai, but the party was short-lived.
Within two days, authorities had ordered the removal of the Lamassu-made machine installed in the lobby of the Rixos Premium Dubai JBR hotel.
According to a report by Bitcoinist, the machine’s operator, Amhora, advertised that bitcoin enthusiasts could make completely anonymous cash-based purchases at the machine — no identity documents required. However, the policy runs afoul of AML/KYC regulations in Dubai.
Amhora has since said in its Twitter feed that the company is now working with local authorities to ensure AML/KYC compliance, and expects to have the machine up and running again soon.
At a later date, the company plans to offer bitcoin cash-out in addition to purchasing, the report said.
Topics: ATM Innovation, Bitcoin, Installation / Deployment, Regulatory Issues, Transaction Processing