CoinPayments Shutting Down At the End of March

Last night, I , as well as the rest of the cryptocurrency community, received some bad and very shocking news : CoinPayments will be shutting down at the end of March.

For those of you who have never used CoinPayments : they are a cryptocurrency payment processor, supporting around 50 different currencies, as well as Paypal payments.

One of the factors that makes CoinPayments so much fun to use is that it is very easy to integrate CoinPayments payment processing in a lot of different shopping cart systems, such as ZenCart, OpenCart, and many more.

The reason behind CoinPayments having to shut down is because of FinCen regulations. CoinPayments is a money transmitter, and therefore has to apply for FinCen approval.

Even though the United States has ruled “favorably” in regards to cryptocurrency, they do seem to spend a lot of efforts in order to alienate as many people as possible in regards to cryptocurrency payments.

It really is a shame to see CoinPayments leave the cryptocurrency scene, as plenty of people used it, either as a customer or website owner.

We would like to publicly thank CoinPayments for all their hard work and support. You guys are awesome, and we love you. Thank you so much!

We are using CoinPayments as a payment processor for any donations sent to us at CryptoArticles, and I also use it for my webshop CryptoGameKeys.

This news also impacts us directly, as we kept CryptoArticles ad-free, but we will have to rethink our entire strategy now I’m afraid. We will post a separate article regarding our situation later this weekend.

This news does open up the market for any competitor now though, as there is no payment processing service that comes even close to the services provided by CoinPayments.