The decision of Unbankend (UNBNK) to cease operations due to regulatory difficulty has caused the native token to depreciate close to 90%.
While US regulators continue their repressive stance on the cryptocurrency sector crypto custody and payment services Unbankend, which has ceased its operations for this reason, latest cryptocurrency company it happened. Unbanked, in a post it published on its official blog on May 26, anti-crypto policies due to its activities decision to discontinue announced that he had
In making the decision, the cost-effectiveness of the harsh regulatory environment for the company to continue its operations. major obstacle to have the most effective implied to cause.
Founding partners of the company Ian Kane And Daniel Gouldmanmade the following statements on the subject:
During the years when the company was founded, we believed it would be a wise plan to start our operations in the USA. While other companies are growing rapidly in their offshore operating regions, we believed that engaging with regulators and following their tough processes would ultimately bring Unbanked to the fore. Unfortunately, we learned that this is not the case. Going down this road took a lot of time and cost too much.
founding partners, regulatory challenges And of excess costs your main purpose banks And fintechs entry into the cryptocurrency industry try to prevent claimed it was.
In the present case 5 million a dollar investment what you expect but it still didn’t happen indicating Kane And Gouldman, this situation too regulatory difficulty with relating to He said they thought it was. On the other hand, this fund delivery its activities in case of staying from the ground that they can continue was among the company’s statements.
Token Price Crashed
The company always customer assets And operational customers by assuring that they keep reserves separate. withdraw their funds as soon as possible invited. From the publication date of withdrawals 30 days along open Despite this, the company stating that it will be kept as soon as possible advised on their completion.
He invested in his native token after the company invited him to withdraw funds investors who are if one a lot saddened. Local token after the announced shutdown decision UNBNK suffered a huge decline.
Following the announcement of the decision, according to Coinecko data UNBNK 0.00187 at dollar level 0.000272 falling rapidly to the dollar level close to 90% lost value. UNBK, at the time of writing From $0.000197 is being traded.