Eobot ceases New York operations

Now Accepting | June 23, 2015 By:

Eobot, a Bitcoin cloud mining company, will be ceasing operations in New York state as of July 1, 2015.

“If you are residing in and/or accessing Eobot within the State of New York, US, please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place compliance and cost burdens upon Eobot that we believe are excessive,” said Eobot.

Prior to Eobot, another Bitcoin mining company BTC Guild had experienced similar threats from BitLicense. In its final notice, the company had remarked on the unsettling gray areas of the New York Bitcoin regulation, saying that defending BTC Guild, in this case, would be completely irrelevant, since the cost of defending will surely surpass their business revenue. The company eventually decided to shutdown its operations in New York by June 30th this year.

Many people in the Bitcoin community have opposed BitLicense from the beginning for this very reason — they worry that the bill is so restrictive that many Bitcoin companies will not have the resources to become compliant with the law.