The Bitcoin App Bottle Pay Might Shut Down

The Bitcoin App Bottle Pay Might Shut Down

Crypto news Media Social
December 18, 2019 by Super System
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Bottle Pay Startup

EU Money-Laundering Laws Shakeup The Crypto Industry

Bottle Pay Startup

The bitcoin payment startup  is finally closing its doors following the introduction of the AMLD5 European Union regulation, which takes effect from January 2020. 

The Bottle Pay app gave users the opportunity to send small bitcoins via text on social media. The app had close to 1000 members in its telegram group. It was back in September that the company raised close to $2 million. 

Although the firm declined to call out any of its investors, the report suggests that it has served more than 10,000 users. 

With the news of the shutdown, the company released a statement. It said, “The amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community,” the company said in a statement

Many More To Come

Bottle Pay is one of many European cryptocurrency startups that the regulation has affected. Custodial wallets and Cryptocurrency Exchanges are not left out from the regulation. 

Teana Baker-Taylor, a compliance expert, said the new regulation could force both small and big-time players in the crypto industry in the EU to collect KYC info from users. 

“AMLD5 prohibits facilitated (non peer-to-peer) anonymous transactions,” Baker-Taylor said. “Custodian wallet providers and exchanges will be obligated to implement customer due diligence (including KYC) and transaction monitoring. They will also be required to maintain comprehensive records and report suspicious transactions.”

Following its closure, Bottle Pay has asked users to withdraw their funds before the end of the year. 

 

 


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