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On May 26th, Unbanked, a blockchain-based financial service provider, announced that it will gradually shut down operations, mainly due to excessive regulation. Unbanked account customers and its White Label program customers should start withdrawing all funds (cryptocurrency and USD) as soon as possible, and keep the withdrawal function for the next 30 days.
Unbanked says most of its funding comes from backers of various crowdfunding campaigns, raising $4 million over five years from about 6,000 investors. Three weeks ago, Unbanked signed a term sheet for $5 million at a valuation of $20 million, which will allow us to not only continue operating, but to expand. But as of now, Unbanked has not received those funds. Unbanked said it would resume operations if funds were later received.
Unbanked says most of its funding comes from backers of various crowdfunding campaigns, raising $4 million over five years from about 6,000 investors. Three weeks ago, Unbanked signed a term sheet for $5 million at a valuation of $20 million, which will allow us to not only continue operating, but to expand. But as of now, Unbanked has not received those funds. Unbanked said it would resume operations if funds were later received.
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