RATE Group | After BottlePay, Two More Crypto Firms Shut Down Due to Upcoming EU Rules
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After BottlePay, Two More Crypto Firms Shut Down Due to Upcoming EU Rules

16 Dec After BottlePay, Two More Crypto Firms Shut Down Due to Upcoming EU Rules

Posted at 13:13h in Cryptocurrency News by

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After BottlePay’s shutdown announcement last week, two more European cryptocurrency firms have shut down because of the upcoming Anti-Money Laundering (AML) rules in the European Union.

Online crypto gaming platform ChopCoin and mining pool Simplecoin both announced that they are shutting down in under a month in a notice on their website. Both firms cite the EU’s upcoming Anti-Money Laundering Directive that would require the firms to adopt Know Your Client (KYC) measures as the reason for shutting down.

Stringent reporting requirements

Simplecoin explains that the EU’s proposed directive will subject its service to a wide range of AML and KYC requirements. As Cointelegraph explained in a recent analysis, the new regulations were passed on July 9 and member states are required to adopt them by Jan. 10, 2020. Simplecoin stated:

“When the laws come into effect, we would be forced to require you, the users, to identify yourselves for anti money-laundering purposes. […] Mining…

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