EU’s Upcoming AML Regulation Forces Bitcoin Payments App Bottle Pay to Shut Down
- EU’s 5th anti-money laundering directive coming into effect on 10th January 2020
- To not force this onto the community, Bottle Pay will cease its operations
- Users need to remove any payment page links and withdraw all funds by Dec. 31
Bitcoin payments platform Bottle Pay has decided with a “heavy heart” to shut down its services rather than become subject to the new 5th anti-money laundering directive, announced the firm.
Bottle Pay, a faster and simpler way to make your BTC payments has been seeing huge user growth over the last few months. But the company will cease operating from 31st Dec. 2019.
Protecting the Interests of Users
Being a UK-based custodian Bitcoin wall provider, the company is required to comply with the new 5th anti-money laundering directive as per EU regulation that is coming into effect on 10th January 2020.
This directive limits the anonymity related to virtual currencies and wallet providers. It will further enhance the powers of EU Financial Intelligence Units and provide them with access to broad information.
Because this would require the company to collect additional personal information that the company says would alter the “current user experience” radically and negatively, they are shutting down. They aren’t willing to force this onto the community.
“To maintain our integrity as service providers, and to protect the interests of our team, investors and users, we have taken the painful decision to shut Bottle Pay down completely rather than become subject to these new regulations.”
What do you need to Do?
Now that Bottle Pay is shutting down, no new sign-ups and deposits will be accepted. The team has already taken off its bots on social media and funds that have been already sent using them will be returned to the sender within 7 days.
So, make sure you remove any payment page links that you have created from your social profiles. The company also advises uninstalling the Bottle Pay browser extension.
Withdrawal function will be taken offline and all the wallets will be closed on Dec. 31. Hence, you have to withdraw all funds to another Lightning wallet before that. Any remaining funds in wallets will be donated to the Human Rights Foundation.
For now, the company has no plans to open the company at a future date.