BitPay shuts down operations in Germany citing regulatory restrictions

  • BitPay offers merchant payment services for Bitcoin and Bitcoin Cash.
  • Germany now required crypto businesses to operate with a license.

The leading cryptocurrency payment company, BitPay has announced the closure of its operations in Germany. BitPay offers merchant payment services for Bitcoin and Bitcoin Cash. The announcement was communicated via an official blog post on August 1.

According to a report published on Cointelegraph, the PR representative to BitPay Jan Jahosky said that the reason for the suspension is the new regulations in the country. German Federal Financial Supervisory Authority now requires that all crypto-related businesses acquire a license.

“Germany has publicly stated that they want crypto companies to apply for a license starting in 2020.” Jahosky added “We have paused operations in Germany while we evaluate the need for German licenses.”

Some businesses that have been accepting Bitcoin like the Computer Base in Germany have stopped the payments in crypto. While this might be seen as a setback for BitPay. The company is concentrating on business in other parts of the world.

Read more: Bitcoin market update: BTC/USD bulls defiantly push towards $11,000

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