Like crypto payments provider Bottle Pay, mining pool Simplecoin and interactive bitcoin faucet Chopcoin are shutting down in light of restrictions imposed by EU anti-money laundering legislation, AMLD5. Simplecoin co-founder Marvin Janssen addressed Telegram users last month saying “We believe in the power of cryptocurrency and its potential. Mining should to be available to anyone and we refuse to jeopardise our users’ privacy.”
Also Read: European AML Directive Pushes Crypto Startup Bottle Pay Out of Business
AMLD5 Goes Into Effect January 2020
AMLD5, the EU’s 5th anti-money laundering directive which entered into force in 2018, will take practical effect January 2020, as member states are obliged to make new policies law by the 10th. The Simplecoin mining pool will be closed as of Jan. 1. The EU directive is already causing other crypto services to shut down as well, due to its restrictive and privacy-invasive nature.
Among the changes AMLD5 brings about are an expanded scope for regulation regarding crypto platforms and…