#FaucetHub announced on November 9, that it's closing faucet-related services on December 10th.
FaucetHub.io launched in December 2016 and has since evolved into the #1 micro wallet solution for faucet owners and users. Users have been visiting this site daily to earn crypto by claiming, gaming, chatting, or just lurking and watching.
The announcement was titled "FaucetHub.io - The end of the faucet industry as we know it." FaucetHub argued that it can not continue to operate as a micro wallet going forward due to the regulatory requirements.
What is the REAL Reason?
It is said "Regulatory bodies of various top tier countries implement rules and guidelines for all financial companies to enable them to monitor, control, and predict the monetary movement of citizens in the country. For many years crypto was not considered as to how "money" is treated or regulated, which allows us to operate the platform legally without regulation requirement. Unfortunately, this is very soon, no longer the case.
This applies to micro wallets, as well. .... This makes us legally required to become regulated as a financial company."
Although it is stated the shutting down was due to financial regulation requirements, they will continue to support Bitcoin and discontinue Altcoins on the new platform. As far as I know, Bitcoin and altcoins are all cryptos in the eyes of regulatory bodies, and the same (financial) principles or rules apply to all. So, the reason behind this closing down should be something else. Can it be a profit/loss motive?
Terminated services and features
The following services and features will not be available on FaucetHub.io after December 10th, 2019:
- We will no longer provide services for Altcoins.
- Our games Rambo Dice, Lottery, and Rock Paper Bitcoin, will be disabled.
- The currency exchange will be terminated.
- The Faucet API will be disabled, along with the Faucet Manager, API Docs, and various other Faucet features
- The Deposit system will cease to function for all currencies, including Bitcoin,
- The Withdraw system will no longer process Altcoin withdraws, Bitcoin withdraws remain unaffected.
- The Sites list will be disabled.
- The Anti-Fraud stats will no longer be visible.
- The Premium account system will stop processing renewals automatically.
Alternative Faucets
Need an alternative to FaucetHub? Here are the best Bitcoin reward sites that pay to direct wallet.
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Thanks for reading. I hope you’ve found it helpful.
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