Unbanked is closing its cryptocurrency services citing regulatory reasons, allowing users to withdraw funds within 30 days.

BlockBeats reported on May 26th that Unbanked, a provider of blockchain financial technology solutions, will be closing its cryptocurrency services due to excessive regulation in the United States. Users are able to withdraw their funds within 30 days. Unbanked stated that US regulatory agencies are actively trying to prevent companies (banks and fintech companies) from supporting cryptocurrency assets, even if these companies are trying to act correctly and in accordance with regulations. Unbanked advises all customers to withdraw their funds immediately, with the withdrawal service being open for 30 days and customers are encouraged to start the process as soon as possible. Unbanked also stated that US regulation has restricted its ability to raise funds. The company recently signed a letter of intent to raise $5 million at a valuation of $20 million. Although it did not specify which regulations prevented it from raising funds, the company stated that it has not yet received the funds. The company also did not specify whether it plans to file for bankruptcy.