The payment provider Bottle Pay is facing major difficulties due to the new anti-money laundering regulations. As a result, the operators have to stop the payment service. So far, users could send Bitcoin via social media via the provider.
The fight against money laundering brings with it unexpected problems
Last month Bottle Pay was able to compare an enormous increase in user numbers. Just a few days later, the company had to announce the end of the payment service for December 31, 2019. A December 13 announcement states: “As we are a UK-based provider of Bitcoin wallets, we must comply with EU regulation 5AMLD, which will enter into force on January 10, 2020. The amount and type of additional personal information we would need to collect from our users would change the current user experience so radically and so negatively that we are not willing to force it on our community. ”
Bottle Pay says it wants to remain authentic and protect investors and users. Unfortunately, this concept cannot be implemented with the regulatory requirements. Accordingly, customers have to orientate themselves differently from the new year.
What’s happening now?
Deposits and new registrations are no longer possible. The bots on Twitter, Telegram, Reddit and Discord are also no longer active. The announcement states: “Any amounts already submitted will not be claimed and, as usual, will be returned to the sender within 7 days. Withdrawal has been taken offline and all purses were closed on Tuesday, December 31st, at 1:00 p.m. GMT. Funds that are left in purses after the shutdown are collected and donated to the Human Rights Foundation. ”
For Bottle Pay users, this means that they should uninstall their Bottle Pay browser extensions and withdraw their funds.