Crypto Companies Dissolving Upon the EU Money-Laundering Regulations

News / 17.12.2019

Simplecoin, Chopcoin, and Bottle Pay are among the crypto companies dissolving upon the EU money-laundering regulations. These regulations will take effect from the 10th of January 2020.

Simplecoin is a crypto mining tool, while Chopcoin is a bitcoin gaming platform. A notice on Simplecoin’s website says it will shut down on the 1st of January 2020. It is due to AMLD5 demanding its users to perform KYC for anti-money laundering, AML reasons, which will threaten users’ privacy.

Bottle Pay, on the other hand, is a crypto payment startup, also affected by the new EU money laundering regulations. This crypto company pointed out that it will close on the 31st of December, just three months after its fundraising. The company believes that these regulations will negatively affect the user experience, and it will not let it happen.

About Simplecoin and Its Dissolvement Plan

Simplecoin was launched in August 2018, and its co-founders are Greiger and Marvin Janssen. It has forty-two thousand customers and two employees. As per Greiger, users could save digital points and withdraw them for any supported currencies, including proof-of-stake tokens that cannot get currently mined.

Platform users should withdraw their funds by the 20th of December 2019 and delete their account details by the 31st of December. After this, the entire platform and the wallets will close down.

A Look into Chopcoin

Chopcoin was founded in 2015, and its co-founders are Greiger and Joshua Stoffels. It has 305 000 customers and two employees.

The company is closing down because AMLD5 imposes strict reporting rules and authorizes Financial intelligence units; to access addresses and identities of crypto users and owners.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.