Video: Bitcoin savings platform, with shares closing

Video is another victim of the crypto world, when it comes to the consequences of the policies against the risk of money laundering. The Portal at the end of April closes.

Save with BTC: Video bends the AMLD5 requirements and includes

Actually, the Dutch crypto-service provider, had made Video much. The platform was created to allow ordinary investors to the savers on the Basis of the crypto-currency Bitcoin. Extensions to Altcoins like Ethereum or Litecoin at that time were not excluded. However, currently there is the so-called spar platform from the Netherlands, a major setback. For some time the resistance against the Service stirred. The reason: There was more than enough criticism with a view to existing European law on the protection against international money laundering. Exactly, this theme has broken the operator now, at least for the time being, literally the back of the Neck. Easy it had not goals of the platform Video, in spite of self-imposed high business.

Portal of power at the end of April for the First “sealing”

As in a number of cases (not only in the Netherlands) is the starting point for the problems of the AMLD5 Directive in the whole of Europe. This may be used within the European Union, the international money laundering in the fight against. Many exchanges, such as the provider Bittrex will be faced for some time due to violations and other legal problems. In the case of the service Video the legal Concerns go so far, that the Portal must close its doors completely. The consequences for customers of the platform are not yet clearly foreseeable. Known, however, is that the government of the Netherlands with its decisions was the trigger for the closure. Bitcoin is Save for the time being advanced through the website is a tie. The company explained the decision, among other things, that the implementation of the now-applicable rules lead to significantly increased costs in the operation. Video-founder Ruben Watermann said, therefore, that the platform is closed to the 28.04.2020.

Can solve a company move the Problem?

Is problematic from the point of view of the company, even in the case of a manageable Bitcoin savings comprehensive data surveys are necessary due to the changed legal situation. The dramatic increase in bureaucracy is apparently so substantial, that no other measures are possible. Annoying from a customer’s point of view is in this context that the clientele had, anyway, already has far-reaching identity checks on the Bank endure. Since Video is a “One-man-company”, lack the (financial) reserves, to take care of themselves to the data documentation. The will for the realization of all the legal requirements have been passed. It is conceivable, but currently, the crypto-companies shifted to the circumvention of European Standards for the regulation of crypto and Blockchain – its location abroad.

Featured Image: By K. unshu| Shutterstock.com