Upcoming regulations force cryptocurrency companies to stop promoting their services in countries such as Germany, in connection with this BitPay announces the cessation of work in the country.
BitPay abandoned Germany
BitPay is a cryptocurrency service provider based in Atlanta, USA. In response to a user question: "Why can't I use BitPay services in my country?"
The company replied: "Based on our interpretation of local norms and laws, we decided to leave Germany at the present time."
The latest cryptocurrency news has shown that in addition to Germany, the BitPay provider cannot serve sellers or users "based in Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Egypt, Indonesia, Iraq, Kyrgyzstan, Morocco, Nepal, or Vietnam because the company complies with local regulations that prohibit cryptocurrency.
"If your country has banned the use of Bitcoins or other cryptocurrencies at all, we cannot offer our services to your business or customers."
The firm added that it is currently evaluating the possibility of adding German support in the future.
BitPay has stopped the promotion of its services in countries such as Germany. Recall, after a consultation on the crypto-asset regulation guide, launched in January, on July 30, the UK Financial Conduct Authority (FCA) published its final report on cryptocurrency rules.
Editor: Godfrid Brower