Bottle Pay, a cryptocurrency payments provider from the U.K., has announced its decision to cease operations by the end of the year. Despite attracting some serious funding and expanding its user base significantly in the past few months, the company has found it unacceptable to continue to work under the upcoming EU regulations. AMLD5, the latest update of the EU’s anti-money laundering policy, introduces stringent requirements for crypto businesses.
Also read: Almost 70 Crypto Funds Close This Year, Twice as Many Launch
Bottle Pay Shuts Down Because of New KYC Rules
As a custodial crypto wallet provider based in the United Kingdom, Bottle Pay will be obliged to comply with stricter regulations to be introduced with the Fifth Anti-Money Laundering Directive of the European Union. AMLD5 comes into effect January 2020 and has to be transposed into national law by all EU member states. It expands the coverage of the relevant legislation to include the crypto space imposing extensive KYC and AML practices.
“After having built a…