Bittr Shuts Down Due to AMLD5 Regulatory Pressure
- Bitcoin
- Regulation
Bitcoin savings service Bittr announced its closure on April 28, 2020, citing unbearable costs from Europe's new AMLD5 regulations. The tiny company couldn't afford a compliance officer, a requirement under the continent-wide anti-money laundering rules. CT lamented the loss of another small player, with many blaming overreach for stifling innovation. This event spotlighted the growing regulatory squeeze on crypto startups.