How Is the 5AMLD Disrupting Crypto Service Providers

On January 10th, 2020, the European Union’s 5th Anti-Money laundering Directory (5AMLD) came into force. The new law gives sweeping powers to compliance organizations and law authorities to introduce a series of restrictive demands on crypto companies in a way never seen before. Organizations that deal with crypto-related activity have been under mounting pressure to implement compliance measures to register new clients. With the advent of the law, the compliance measures will only increase on an industry-wide scale, with regulations…

Crypto Companies Dissolving Upon the EU Money-Laundering Regulations

Simplecoin, Chopcoin, and Bottle Pay are among the crypto companies dissolving upon the EU money-laundering regulations. These regulations will take effect from the 10th of January 2020. Simplecoin is a crypto mining tool, while Chopcoin is a bitcoin gaming platform. A notice on Simplecoin's website says it will shut down on the 1st of January 2020. It is due to AMLD5 demanding its users to perform KYC for anti-money laundering, AML reasons, which will threaten users’ privacy. Bottle Pay, on…