Bottle Pay Service to Shut Down Soon Amid AML Regulations

Bottle Pay Service to Shut Down Soon Amid AML Regulations

  • Bottle pay has decided to shut down their activities due to constraint Anti-money laundering regulations.
  • Funds for withdrawal would be kept available until 13.00 GMT on Dec 31, 2019.

Due to constraint Anti-money laundering regulations (AML), Bottle pay service has decided to shut down their activities according to the announcements made by the service as on December 13. Bottle pay is a platform that allows users to send Bitcoin through social media accounts. Funds for withdrawal would be kept available until 13.00 GMT on Dec 31, 2019.

Bottle Pay, which is a strategically digital forum, developed by United Kingdom based company Block Matrix, provided the easy transfer of bitcoin through user’s social media accounts no matter whether they had an account or not. About two months ago, the company laid out a plan intending to improve the customer base tenfold in the coming years.

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Bottle Pay which is the UK authorized service provider, the company opposed the European Union’s 5AMLD EU regulation act which would come into action from January 10, 2020.

As the new regulations get into the picture, seeking additional user information would alter the customer experience with the current service so drastically giving a negative impact on their digital community. They are therefore not willing to integrate this onto their platform.

As a part of the undertaking of the next steps, new signups, social media bots, and user deposits are currently unreachable. Funds that are stuck in the transaction process, which is yet to send cannot be claimed and received to the user within 7 days.

The fund withdrawal process will be held in offline mode and all digital wallets will be closed at 13.00 GMT on DEC. 31, 2019. Therefore funds remaining with the service in their digital wallets will be donated to The Human Rights Foundation.

Recently, a similar digital service forum for micro-payment on Reddit, was also forcefully shut-down, though it was due to other legal reasons. Ether (ETH) payment service provider TipJar also put an end to their operations due to a lack of customer interest.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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