Bottlepay, a popular consumer app for Bitcoin transactions, has announced its closure on Monday, July 24, 2023, leaving users with the task of withdrawing their funds. The company stated that all accounts will be closed, and users are urged to withdraw their funds either as Bitcoin or fiat currency (GBP/EUR) from the Bottlepay app before the closure date.
Failure to withdraw funds by the closure date will result in Bitcoin being converted to fiat currency and returned to the nominated bank account, while any fiat left in the account will be returned to the nominated bank account as well.
In a statement, Bottlepay advised users to utilize the app’s downloads feature to save transaction statements before the closure date. The company emphasized that Bitcoin transactions can have tax implications, making the downloaded information valuable for future reference. As the closure date approaches, Bottlepay may contact users who still have Bitcoin or fiat currency in their accounts, either through the app or via email. However, the company cautioned users to be aware of potential scams and never initiate an offboarding process outside of the app.
Regarding the next steps, users are advised to download their transaction history and close their Bottlepay accounts. Instructions on how to withdraw funds from Bitcoin and fiat accounts, as well as how to download transaction history and close accounts, can be found on the app.
In a closing note, Bottlepay expressed gratitude to its customers and apologized for the inconvenience caused by the closure. While the company refrained from making specific recommendations about what to do with Bitcoin funds, users were encouraged to exercise due diligence when selecting alternative custodial wallets or converting Bitcoin to fiat currency. The Financial Conduct Authority (FCA) register can be consulted for information on other FCA-registered cryptoasset businesses operating in the UK.
Source: Bitcoin Magazine