Upcoming EU Legislation Forces Bottle Pay to Shut Down

Fintoism Bottle Pay

Many projects have come and gone in the cryptocurrency industry. Bottle Pay, an innovative solution to tip users and send Bitcoin payments to others, will shut its doors on December 31, 2019. 

The end of Bottle Pay

Making bitcoin more convenient to use on a daily base remains an ongoing struggle in the cryptocurrency industry. Third-party service providers such as Bottle Pay will often highlight the capabilities of what can be achieved in the long run. It has proven to be a convenient service, beloved by thousands of users around the world. 

Unfortunately, the team members have decided to throw in the towel. Bottle Pay’s services will be shut down effective December 31, 2019. This news has come as a big surprise to many. It appeared as if the service was only now gaining real traction, during a time when bitcoin needs more innovative solutions to gain broader adoption. 

According to the team members, this decision was forced upon them by others. Bottle Pay is a custodial bitcoin wallet service provider in the United Kingdom. Due to new regulatory guidelines being introduced in the EU early next year, a lot of things will change. For smaller companies and services, it will require a lot of work, time, and money to remain fully compliant with the guidelines.

Moreover, the 5AMLD EU directive also affects users of such services. Companies such as Bottle Pay would have to collect a lot of personal information of every user. That is not the direction the company wants to head in. Bitcoin is designed to be freely accessible to everyone around the globe. Such a system has no need for sharing and recording personal information of its users. 

Some User Action is Required

Following the news, Bottle Pay suspended new sign ups and wallet deposits immediately. All of the bots across social media channels have been taken offline. Any funds still outstanding will be returned to the sender automatically, as it can not be claimed by the recipient. That latter functionality has been a core aspect of this service. Recipient snot claiming a bitcoin tip within 7 days would lose the right to do so. 

Users who still have bitcoin funds they want to withdraw from the service has until December 31st to do so. Any funds left behind will be collected by the team and donated to The Human Rights Foundation.  There is no need to unlink one’s social accounts from the service. 

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