Simplecoin is shutting down January 1st, 2020
We regret to inform our users that Simplecoin is shutting down. The proposed fourth Anti Money-Laundering Directive by the European Union is currently being implemented by its Member States. This impacts Simplecoin because we operate from the Netherlands. As soon as the Dutch government passes the legislature that implements the Directive (find progress here, in Dutch), Simplecoin will become subject to a large range of AML/KYC requirements. It is because under the new Directive, we would be considered a "custodial wallet provider", a broad definition that will apply to many cryptocurrency operations. When the laws come into effect, we would be forced to require you, the users, to identify yourselves for anti money-laundering purposes. We have been searching for solutions for a while, but it has become apparent that there is no way around it. We believe in the power of cryptocurrency and its potential. Mining should to be available to anyone and we refuse to jeopardise our users’ privacy. It remains to be seen what impact this will have on mining pools and the cryptocurrency space as a whole.
What this means for you as the user:
- All users have until December 20, 2019 to withdraw any remaining balance. On that date, the wallets and the mining service will be taken offline.
- A basic version of the website will remain accessible until the last day of the year. You have until then to delete your account information by following the instructions on our Data Policy page if you so desire.
- On January 1, 2020, all operations will cease and Simplecoin will be closed and archived.
We thank every single one of you for being with us. It was a great experience and as a social mining platform, people found support and friends. Together, we made cryptocurrency and mining more accessible to many people. We hope to return one day and will reach out to you once there are new developments. It is not over yet.
Thank you, and farewell for now.
The Simplecoin Team