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Looming EU Money Laundering Regulations Cause 2 More Crypto Firms To Shut Down
Summary: The European Union’s impending money laundering rules have caused cryptocurrency mining pool Simplecoin and bitcoin gaming platform Chopcoin to shut down. The AMLD5 EU regulations are set to take effect Jan. 10, 2020 and have caused quite a stir in the industry over their anti-money laundering (AML) know-your-customer (KYC) requirements. Simplecoin and Chopcoin join Bottle ...
The European Union’s impending money laundering rules have caused cryptocurrency mining pool Simplecoin and bitcoin gaming platform Chopcoin to shut down.
The AMLD5 EU regulations are set to take effect Jan. 10, 2020 and have caused quite a stir in the industry over their anti-money laundering (AML) know-your-customer (KYC) requirements. Simplecoin and Chopcoin join Bottle Pay as company’s who have shutdown in just the last couple weeks due to the looming EU regulations.
A Notice on simplcoin’s website discussing their impending Jan. 1 shutdown states, “When the laws come into effect, we would be forced to require you, the users, to identify yourselves for anti-money-laundering purposes. Mining should be available to anyone and we refuse to jeopardize our users’ privacy,”
By Ramsey Baker
Tags: AMLD5,Cryptocurrency,EU,Money Laundering,Shutdown
Link: Looming EU Money Laundering Regulations Cause 2 More Crypto Firms To Shut Down [Copy]
