In an official notice to customers, Unbanked said the decision to close the business was made after numerous but unsuccessful attempts to meet all the requirements of U.S. financial market regulators.
“U.S. regulators are attempting to prevent fintech companies from developing the direction and support of crypto-assets.
That position persists even when companies try to work by the rules in the hopes of complying with the recommendations of supervisors,” Unbanked said in a statement.
Unbanked customers have been advised to withdraw assets to their accounts within 30 days of the date of the notice.
The team laments that because of strict regulatory measures in the U.S., the closure of Unbanked will affect nearly 6,000 investors who put their own money into the project.
Earlier, former Goldman Sachs top executive Raoul Pal said regulatory problems would force leading U.S. cryptocurrency companies to bury their businesses in the U.S. and move their headquarters to other regions.