Unbanked, a financial services provider, has been forced to shut down due to the strict regulations imposed by the US government. The company, which provided banking services to those without access to traditional banking, was unable to comply with the new regulations and had to close its doors. This closure has left many people without access to banking services, and the company’s customers are now searching for alternative solutions.
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Unbanked said that it would stop operating because of the onerous regulations.
The company recommended clients to initiate their withdrawals as soon as possible and indicated that withdrawals would be allowed for 30 days.
These issues make it challenging for the company to raise capital. According to reports, Unbanked recently signed an open letter of intent to invest with the aim of raising $5 million at a $20 million value.