Cryptocurrency mining platform Simplecoin to bid adieu soon

Cryptocurrency mining platform, Simplecoin that brought mining at the doorstep of every crypto enthusiast has decided to wave goodbye as the company’s official statement announces shut down on 1st January 2020.

The Netherlands-based mining pool began its operations in 2011 with an intention to make mining a smooth and trouble-free task. Its unique mining tools and trusted platform allowed avid miners to save the mined hashes and encash them into supported currencies. It was all plain sailing until European Union’s directive was announced, earlier this year, that would force crypto-related businesses, like Facebook’s Libra stablecoin, in the region to comply with anti-money laundering (AML) and know-your-customer (KYC) norms outlined in the new Anti Money-Laundering legislation.

Cryptocurrency mining platform Simplecoin succumbs to new EU directive

According to the announcement, as soon as the legislation is implemented, Simplecoin will be subject to a large number of KYC/AML requirements, which is, in a way, against Simplecoin’s vision and belief. Following the implementation, Simplecoin will be categorized as a custodial wallet service provider, requiring each of its customers to identify themselves for anti-money laundering purposes. 

Simplecoin believes that cryptocurrency mining should be made available to anyone and everyone, without having to compromise on user’s privacy. Although the company assured its users that it tried to whatever possible to adhere to these new rules and that the policies would only make cryptocurrencies safer and regulated, the ultimate truth remains that it contradicts what it initially set out to achieve, which is to uphold privacy and anonymity features in Bitcoin and blockchain.

Thus, the soon-to-be-defunct firm has urged its users to withdraw their deposits on or before the 20th December 2019. Following that date, the wallet and mining facilities will be rendered inoperable. A basic version of its website, which is scheduled to remain live until the 31st December 2019, will give users the time to delete their account and account-related information stored on the platform. Come 1st January 2020, Simplecoin will officially shut down and bring down its website.

Not the end for Simplecoin

However, it turns out that the end of the announcement paints a rather positive picture. The website’s closing notes state that while the team continues to cherish each and every moment of serving their loyal clients, it is, in fact, preparing itself for something better and bigger. Offering a glimpse of hope, Simplecoin adds that it hopes to return with its operations soon.

Featured Image by Flickr