Regulation Might Just Be Closer Than we Thought As Two Crypto Firms Fold Up

[SolarWindMiningCompany]

After BottlePay’s shutdown announcement last week, two more European cryptocurrency firms have shut down because of the upcoming Anti-Money Laundering (AML) rules in the European Union.

Online crypto gaming platform ChopCoin and mining pool Simplecoin both announced that they are shutting down in under a month in a notice on their website. Both firms cite the EU’s upcoming Anti-Money Laundering Directive that would require the firms to adopt Know Your Client (KYC) measures as the reason for shutting down.


https://cointelegraph.com/news/after-bottlepay-two-more-crypto-firms-shut-down-due-to-upcoming-eu-rules

[nelson4lov]

With regulations finding its way to the crypto space with each passing day, I have a feeling that more and more crypto firms will follow suit. Things wouldn't have gotten to this extent if people didn't abuse the privilege of building businesses using cryptocurrency and blockchain.  Most of these startups aren't honest with their users and customers and will eventually foldup once regulations are in place.