Bitcoin Service Bottle Pay Closing Due to New Anti-Money Laundering Regulations

Michael LaVere
  • Bottle Pay, a service that allowed for sending bitcoin on social media platforms, will be closing at the end of the year.
  • The platform claims new anti-money laundering regulations would have "radically" altered the user experience.

Bottle Pay, a service that allowed users to send bitcoin via social media accounts, will be closing its operations due to new mnti-Money laundering (AML) regulations in the European Union.

In an official announcement made on Dec. 13, the company said it will be ending its service on Tuesday, December 31st, just ahead of the new EU regulations that go into effect in early January.

According to the announcement, 

After having built a fantastic community around our service, and seeing huge growth in user numbers over the last few months, it is with heavy hearts that we announce Bottle Pay will cease operating on Tuesday 31st December 2019 at 13:00 GMT.

Bottle Pay says the information required to be collected from users to comply with the new regulations would “alter the current user experience so radically, and so negatively” that they were forced to cease their operation instead. 

The post continues, 

Therefore to maintain our integrity as service providers, and to protect the interests of our team, investors and users, we have taken the painful decision to shut Bottle Pay down completely rather than become subject to these new regulations.

The service has already discontinued new sign-ups and deposits as of the posting of the announcement. Bots operating the platform on Twitter, Reddit and other social media outlets have also been taken offline. 

Users will have until the Dec. 31 deadline to withdraw their funds or else they will be donated to The Human Rights Foundation.

Featured Image Credit: Photo via Pixabay.com

Tim Draper Reveals He Owns Cryptocurrencies Other Than Bitcoin

Michael LaVere
  • American venture capitalist Tim Draper revealed owning more crypto-assets than just bitcoin.
  • Draper expects the value of bitcoin to increase as a result of the Federal Reserve's money-printing tactics. 

American venture capitalist and bitcoin bull Tim Draper claims to own “a lot of other cryptocurrencies” in addition to BTC. 

Speaking in a recent interview with British entrepreneur Rob Moore, Draper claimed that his diversified portfolio in crypto-assets had led to him being “surprisingly up” despite the economic impact of the coronavirus. 

He said, 

You know, when I played Monopoly, I never showed anybody how much money I had so so that you're not gonna get an up or down.

Draper also criticized the U.S. Federal Reserve’s money-printing response to the COVID-19 pandemic, which he said would lead to the dollar crashing in value. He claimed the impact of the falling dollar would drive more value into bitcoin. 

He said, 

There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.

Draper continued, saying his experience working as a venture capitalist and interviewing entrepreneurs has given him a “pretty good view” of what the future is going to look like. He expects governments to move towards decentralization in a competition for their own citizens. 

Featured Image Credit: Photo via Pixabay.com