Blockchain Financial Services Provider Unbanked to Gradually Shut Down Operations
According to TuoniaoX.com on May 26, blockchain-based financial services provider Unbanked announced it will gradually shut down operations, primarily due to excessive regulatory pressure. Unbanked account customers and white-label program clients should begin withdrawing all funds (cryptocurrency and USD) as soon as possible, with withdrawal functionality remaining available for the next 30 days. Unbanked stated that most of its funding came from supporters of various crowdfunding campaigns, raising $4 million from approximately 6,000 investors over 5 years.
According to TuoniaoX.com on May 26, blockchain-based financial services provider Unbanked announced it will gradually shut down operations, primarily due to excessive regulatory pressure. Unbanked account customers and white-label program clients should begin withdrawing all funds (cryptocurrency and USD) as soon as possible, with withdrawal functionality remaining available for the next 30 days.
Unbanked stated that most of its funding came from supporters of various crowdfunding campaigns, raising $4 million from approximately 6,000 investors over 5 years. Three weeks ago, Unbanked signed a $5 million letter of intent for investment with a valuation of $20 million, which would have enabled the company not only to continue operations but also to expand. However, as of now, Unbanked has not received these funds. The company stated that if it subsequently receives the funding, it will resume operations.