UK crypto exchange shuts down

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Shadrach   in Crypto & Trading

Last updated: 08 January 2020, 09:26 GMT

The cryptocurrency exchange Uk base has closedown because of looming EU regulation. The law from brussels  "AMLD5"  will persuade cryptocurrency to obey with the same regulations as other financial institutions, including submitting suspicious activity to regulators and greater customer scrutiny.

But BottlePay says that it is not willing to gather this data from users, and instead simply cease trading before AMLD5 comes into effect in January. A form of digital cash, cryptocurrency uses encryption to secure deals and control the creation of new units. It uses cryptography, a form of coding created from the Second World War, to process transactions or deals securely. Its major appeal is it is independence from established financial systems and it is usually traded through specialist online exchanges. 

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But there are anonymous nature can be use by organised crime groups and terrorists to launder cash and move money across borders. 

The new EU law introduces regulation for providers of cryptocurrency exchanges and wallets – which must now be registered with the competent authorities in their domestic locations, such as the UK’s Financial Conduct Authority (FCA).




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