I just feel sorry for Simplecoin users

[cheezcarls]

Simplecoin, a cryptocurrency mining platform with a focus on accessibility, will be shutting down in the new year.

According to a press release via the company, Simplecoin will be shutting down on January 1, 2020. This is due to the European Union’s eventual implementation of a new Anti Money-Laundering Directive, which will force Simplecoin to adhere to new know-your-customer (KYC) and anti-money-laundering (AML) policies. The platform, based in the Netherlands, will have to change its policies to comply with this legislature, which stands against what Simplecoin believes in.

Source link here

[masterrex]

Simplecoin, a cryptocurrency mining platform with a focus on accessibility, will be shutting down in the new year.

According to a press release via the company, Simplecoin will be shutting down on January 1, 2020. This is due to the European Union’s eventual implementation of a new Anti Money-Laundering Directive, which will force Simplecoin to adhere to new know-your-customer (KYC) and anti-money-laundering (AML) policies. The platform, based in the Netherlands, will have to change its policies to comply with this legislature, which stands against what Simplecoin believes in.

Source link here

That's bad news for the part of its investors. But i don't understand why they are shutting down the project if the issue is just for compliance why not just follow the regulatory body and comply those requirements. many question that needs to be answer in my own opinion i don't think that compliance is just the only problem sounds interesting to know more.

[zilzylian]

Again the regulations make the crypto project close and make the developers think of something else to be able to continue their project, I think the government regulations to avoid money laundering are good but they can monitor funds from a large number of withdrawals to a bank account if the government is concerned about action money laundering they are worried about