Crypto fintech firm Unbanked, which provides crypto custody and payments services, has become the latest firm to close shop while citing a harsh regulatory environment for crypto in the United States.
In a May 26 blog post, Unbanked co-founders Ian Kane and Daniel Gouldman said that when it first opened, it believed that building the company in the United States “would be the smart long-term play,” though that did not turn out to be the case, five years later.“While other crypto companies grew rapidly off-shore by avoiding strict regulation, we believed that engaging with regulators and following their arduous processes would ultimately position Unbanked to come out ahead,” said the execs.
Today, we are making the unfortunate decision to wind down Unbanked. Please withdraw your funds (crypto + USD) as soon as possible from your accounts.
More details are available here: https://t.co/oWR7m3ZqlMInstead, this decision led to “a lot of wasted time and excessive costs,” they added.Read more on cointelegraph.com