Cryptocurrency payments provider Coinpip has shut out down, but possibly only temporarily.
The Singapore-based firm announced on its website that it has “suspended operations” while it looks at fetching licensed by the country’s financial regulators after new rules were brought in earlier this year.
“We will zero in on reviewing license requirements under the Singapore Payment Services Act,” Coinpip said. Transactions made prior to Feb. 11 determination be completed, the firm added.
The move brought so-called Digital Payment Token (DPT) services under the Payment Services Act 2019 second to current anti-money laundering and counterterrorist-financing rules.
That means crypto firms in the jurisdiction are required to first ledger and then apply for a license to operate.
Coinpip began as a bitcoin (BTC) merchant services provider and later expanded into payroll changes and remittances. It joined ‘Batch 11‘ of 500 Startups’ accelerator program in California back in 2014 and was selected by a superintendence agency to represent Singapore an event in the U.S. the next year.
Disclosure Read More
The leader in blockchain news, CoinDesk is a middle outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent manipulating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.