The Simplecoin, which is a cryptocurrency Mining Platforms, focuses on accessibility and will be shutting down in the new year. The single currency is a cryptocurrency Mining Platforms that is focused on convenience. If sources are to be believed, then it will be shutting down in the new year. This happened due to the European Unionimplementation of Anti Money Laundering directive. Additionally, it will force the Simplecoin to adhere to the new know your customer (KYC) policy. It is an anti-money policy that is to comply with the legislature that stands against what Simplecoin believes in.

Shutting down of Simplecoin

According to the sources, the Simplecoin will be shut down during January 1st, 2020. This happened due to the European Union final regulation that is for a new Anti-money directive. It will force Simplecoin to adhere with the new KYC and anti-money policies. Moreover, this platform is based in the Netherlands that will comply with this legislature. It also stands against the statements what Simplecoin follows. This group is looking for alternatives, but none has come to fruition. Many sources have been found saying that Simplecoin will shut down. Many people were not aware of it, but still, they witnessed speculations about it.

Withdrawing of Funds

Due to this reason, users will get time till 20th December to withdraw their funds. Just after this date, wallet and the whole platform will be shut down for good. Shutting down of crypto mining can lead to less verification of data. It can also turn out to be risky for the people of the Mining Platforms as well as the cryptocurrency sector. A varied number of measures have been taken in order to prevent the shutdown of mining but not much has been advantageous. These advantageous points are only beneficial for the groups where mining has not been shut down. Eventually, things are considered to turn better and the situation of mining is expected to disappear over a period of time.

source>>https://www.cryptoknowmics.com/tag/coins-tokens