Bottlepay, an acclaimed service for handling Bitcoin exchanges, recently made public their imminent shutdown scheduled for Monday, July 24, 2023. This announcement places a responsibility on users to ensure the withdrawal of their funds. Bottlepay has clarified that with the upcoming shutdown, all user accounts will be terminated, and users are prompted to retrieve their funds, whether in Bitcoin or fiat (GBP/EUR), using the Bottlepay app before the set shutdown date.
In the event users fail to transfer their funds before the shutdown, their Bitcoin will be changed into fiat currency and remitted back to the bank account they had previously chosen. Likewise, any residual fiat money will be transferred back to the pre-selected bank account.
Bottlepay has suggested to its users that they should take advantage of the app’s capability to save transaction records ahead of the shutdown. The company stressed the fact that Bitcoin dealings might have tax-related consequences, which makes the saved records of transactions important for future references. Bottlepay has also expressed the possibility of reaching out to users still holding Bitcoin or fiat currency in their accounts through the app or email, as the shutdown approaches. However, users are alerted to remain vigilant about potential fraudulent activities and not to start the account closing process outside the confines of the app.
As for what comes next, users are advised to download their transaction histories and proceed with closing their Bottlepay accounts. Directions on how to withdraw funds, how to download transaction histories, and how to close accounts are available within the app.
In their closing statement, Bottlepay conveyed their gratitude towards their clientele and offered apologies for the inconvenience brought about by the service closure. While the company stopped short of providing specific advice about what to do with their remaining Bitcoin, they encouraged users to carefully consider their options when choosing a new custodial wallet or converting Bitcoin into fiat currency. For more information on FCA-registered crypto businesses in the UK, users are advised to consult the Financial Conduct Authority (FCA) register.
Expanding the context, it’s important for users to remember that the cryptocurrency sector is inherently volatile and unpredictable. Instances like these service closures can have a significant impact, especially on those who rely heavily on these platforms for financial transactions. It also emphasizes the crucial role of regulatory bodies in maintaining order and safety in the cryptocurrency environment. Users are reminded to make informed decisions when choosing their financial services providers, emphasizing the importance of using available resources, such as the FCA register, for safer cryptocurrency dealings. The ceaseless evolution of the cryptocurrency industry makes these considerations all the more important for user protection and the overall health of the industry.