Hello everyone. I'm here to present some very disappointing news to most of us.

For anyone who doesn't know, I'm mexicantarget, and I own and operate FaucetHub.

We launched in December 2016 when FaucetBox closed as a convenient way to power our Faucet Gaming Network (which closed down May 2018) and has since evolved into the #1 micro wallet solution for faucet owners and users. Many of you have made your home here and choose to visit each day, and you all have your own reasons for doing so. Claiming, gaming, chatting, or just lurking and watching.

You might have already figured out what this post is about. If not, I'll tell you. It's about how FaucetHub can not continue to operate as a micro wallet going forward.

Unfortunately, that is not a typo or a mistake; you read it correctly...

Why!??
The reason for this is regulation requirements. Crypto has taken off in the last couple of years and made its way into the eyes of regulatory bodies of various top tier countries. These organizations are instructed by their respective countries governments to 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.

As a micro wallet, we are as such a payment processor with the main focus being money changing from someone else's hand to another. We are storing and transacting in cryptocurrency on behalf of other people (you, the users). This makes us legally required to become regulated as a financial company. Those of you who know me know I am a firm believer of privacy for myself and users here. This is where I draw the line, and will not be doing this. The result is FH will no longer be the FH that it is today, and will no longer be able to provide many of it's current services to users or FOs.

What exactly is going to happen next?

Read more : https://faucethub.io/news/post/211