BTC App Bottle Pay Startup Shuts Down Due To New EU Laws

BTC app bottle Pay startup has shut down on Friday because of the new AMLD5 European Union regulation that will come into effect on January 10, 2020, as per the latest bitcoin news.

The BTC App Bottle Pay once allowed the users to sent small amounts of Bitcoin by only using social media texts and handles from Twitter to Telegram. There are more than 974 members in the project’s Telegram group. The startup managed to raise up to $2 million in September and back in December the entire team declined to name any of the investors but said that the startup already had 10,000 accounts. Bottle Pay released a public beta and a real bitcoin in late November but have just realized how the new European regulations will dramatically alter the roadmap of the company:

 “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.’’

Bottle Pay will not be the only startup that was impacted by the regulations because they demand a stricter user verification process and the exchange BitPanda announced on Friday to be launching a new user registration process because of that. The chief economist at Canada’s Cypherpunk Holdings Inc, Jon Matonis, explained that these policies will apply to all custodial crypto wallets. The privacy-focused wallet Samourai Wallet which is not registered in any specific jurisdiction tweeted that the team believes the policy will apply to noncustodial wallets as well.

Teana Baker-Taylor is a London-based expert and director of the crypto industry group Global Digital Finance, said that this policy could force the crypto wallet providers in the EU to collect the know-your-customer information from the users. The exchanges and wallets according to her, will become obliged entities:

“AMLD5 prohibits facilitated (non peer-to-peer) anonymous transactions. 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.
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Steven Maijoor from the European Securities and Market Authority said that it is important to have risk warnings and risk information for the consumers that go into these products including anti-money laundering procedures and arrangements.