Bitcoin savings service company Bittr chooses to close company due to opposition to EU anti-money laundering regulations

Bittr, a Dutch-based bitcoin savings service company, announced the closure of the company due to its opposition to the EU AML5 anti-money laundering regulations that will take effect on January 10, 2020. Bittr founder Ruben Waterman said, “The entry into force of this regulation has too much potential cost and impact on its customer base.” According to EU AML5 regulations, crypto exchanges and custodian wallet providers are included in the scope of the EU anti-money laundering rules for the first time. This law stipulates registration and customer due diligence requirements, requiring operators to disclose the identity of their customers and report suspicious activities. Chain News previously reported that European blockchain companies such as the UK-based Bitcoin custodial wallet provider, Lightning Network payment solution Bottle Pay, cryptocurrency mining pool Simplecoin, and Bitcoin gaming platform Chopcoin have all decided to close the company.