The Bank of Spain has announced the suspension of operations of cryptocurrency ATM operator Weex Capital. As a result, the company has stopped the operation of at least 20 ATMs due to a sanctioning process since 2024.
In recent weeks, the Institution explained that it would act more rigorously against crypto service operators due to the entry into force of the MiCA regulation. Since last December 30, it has stopped registering new cryptocurrency companies, and providers registered before that date can continue until July 1, 2026, or otherwise, until they are denied authorization.
Tightening the rules against Weex Capital
This time, the Bank of Spain published its resolution on January 2 to temporarily suspend the activity carried out by Weex Capital, SL. In its session on December 19, the central bank agreed to the measure against the company, which “will not be able to provide virtual currency exchange services for fiat currency.”
This measure was adopted under the provisions of Article 111 of Law 10/2014, of June 26, on the regulation, supervision and solvency of credit institutions, as well as Article 56 of Law 39/2015, of October 1, on the common administrative procedure of Public Administrations, remaining in force until the resolution of the aforementioned sanctioning process, explained the Bank of Spain.
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The bank recalled that the suspension was made official with publication in the Official State Bulletin (BOE). The measure would be preventive, due to an inspection process that Weex Capital has been undergoing since 2024. However, the company did not issue a response to the suspension.
Number of cryptocurrency ATMs in Spain. Source: CoinATMRadar
Network of 327 cryptocurrency ATMs
Data from CoinATMRadar shows that Spain has around 327 cryptocurrency ATMs, which allow buying and selling.
Most accept Bitcoin, Bitcoin Cash, Ethereum, DASH, Litecoin, Monero, Dogecoin, USDT, XRP and USDC. Most are located in Madrid (68), Barcelona (73), Valencia (36), La Palma (22), Seville (40) and La Coruña (6).
Weeks ago, the National Securities Market Commission (CNMV) revealed that Spain will go through a 12-month transition period before fully applying the MiCA regulation.
Furthermore, the document stipulated that the Bank of Spain would stop carrying out registrations as of December 30, 2024, starting from May 2021. In the meantime, those who have registered can continue providing services without having to apply for new authorizations until December 30, 2025.
During 2025, providers authorized under the MiCA regulation may coexist with those that have adhered to the Spanish transitional regime. On the other hand, non-Spanish providers that use the transition period in their countries will not have a passport to legally offer services in Spain. The authorities may sanction providers that offer MiCA services in Spain from January 2025 onwards if they are unable to adhere to the transition period.
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