Two primary crypto mining pool Simplecoin and Bitcoin gaming interface Chopcoin are shutting down foreseeing the upcoming cash crunch in EU money-laundering rules. Christian Grieger, who is the co-founder of both Simplecoin and Chopcoin, claims that Simplecoin had 42,000 users, while the Chopcoin has 305,000 users on these platforms. In the last week, crypto payments interface Bottle Pay that they would dissolve the company because of the EU rules. These firms are shutting down over the AMLD5 European Union regulation, which will come to effect from Jan 10, 2020.

A notice collected from the Simplecoin website says that they will shut their company on Jan 10, 2020, because as per the regulations of EU will require them to implement a number of anti-money laundering and know-your-customer policies in the operations of the website which is against the USP and also against the user’s privacy policy. This law also dismantles the essential utility of Bitcoin, and it is clear that they don’t know the fundamental values and unique properties Bitcoin comes with. Simplecoin spokesperson stated to the media that when the law comes into effect, they would be forced to make the user identify themselves on the website, which is wholly against the anonymity and privacy Bitcoin safeguards. Christian Grieger, who is the co-founder of Simplecoin, told the news media that the firm has 42,000 users and two employees.

chop-coin

Image Source: image.winudf.com

Grieger had co-founded Simplecoin with Marvin Jassen in August 2018. He said to the reporters that Simplecoin allows users to save digital points on the interface and take their money at for any of the currencies including proof-of-stake coins which cannot be mined again. The users of Simplecoin have already been notified about the closure of the company and they compulsorily need to withdraw their funds by Dec 20 and delete their credentials along with their accounts within Dec 31. After the said dates, as the company is shutting down, the wallets and the entire platform would be dissolved. Another Bitcoin gaming platform named Chopcoin, co-founded by Grieger is also shutting down for the same law issue. AMLD5 is forcing more strong reporting steps a compulsion for crypto firms and gives authority to business Intelligence units of the nation to get the details of Cryptocurrency owners and users.

In this way, it is pretty clear that the law is violating the Bitcoin’s sophistication of usage and protecting the user’s anonymity. The code is just a trap laid down by the authorities to catch and harass the Bitcoin users suspecting that Bitcoin is only useful for illicit transactions and forging activities or running a fraud website on the darknet market. The law is a clear statement that the authority does not have a clear knowledge of the blueprint of Bitcoin and how it functions. Bitcoin is used for licit purposes as well and is a store of value which records every transaction and details of every hand it gets travelled through. It is an investment, method of payment and the most useful in terms of transactions like helping a friend in Jerusalem, paying off bills where the dollar is not accepted.

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Grieger founded Chopcoin with Joshua Stoffels in Sept. 2015, and the site had 3, 05,000 accounts online and two employees. Both Simplcoin and Chopcoin never raised any capital investments from any investor and venture firms; he said to the media that he has some other business plans as well. These two are not the only crypto firms who got affected by the newly passed regulation. Bottle pay, payment wallet on Bitcoin also announced that they are closing their business just after three months of raising $ 2 million in a seed funding round.

Source: The Block Crypto


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