The cryptocurrency that plummeted by 90% due to pressure from the US government is named

Unbanked, a cryptocurrency project that provided services for the purchase and sale of digital assets and opened cryptocurrency bank cards for customers, has announced its closure. In a press release, the company claims that this decision was a response to the constant pressure from US regulators.

According to Unbanked, the US government is actively trying to prevent banks and fintech companies from entering the digital asset market. Moreover, regulators are pursuing even those companies that comply with the current legislation. «Their efforts are working, and they have limited Unbanked’s ability to raise capital and run a profitable business,» the company claims.

It is unclear what exactly the US regulators' claims against Unbanked are. The company claims that they have mainly raised investments through various crowdfunding campaigns. In total, over the past five years, the project has raised $ 4 million from 6,000 investors.

The company said that in early May, top managers signed an agreement to invest $ 5 million at a valuation of $ 20 million. The deal could not only help the firm maintain its operations, but also facilitate expansion, Unbanked assures. However, the company never received the funds. Unbanked assumes that they will be able to continue working as soon as the capital is transferred to the company’s accounts. Project representatives added that they will continue to explore «alternative sources of funding.»

It is also unclear why Unbanked decided to close the company while informing clients about plans to find alternative sources of investment. The project’s clients were given 30 days to withdraw all assets, including cryptocurrencies.

Amid the news, according to CoinMarketCap, Unbanked (UNBNK) token quotes fell by almost 90% to $ 0.2 233. The token’s market capitalization dropped to $ 223,000.