BleepingComputer reported Thursday that CoinPayment and its parent firm UAB Ventures are on the brink of abandoning the US market owing to increased security demands and industry developments.
Reports claim the crypto payment gateway’s shutdown of operations in the United States was due to heightened Anti-Money Laundering legislation and unpredictable market circumstances.
Our services to the United States are no longer available owing to new AML rules and modifications. This is why US-based accounts have been marked and will be closed on the date specified in the email they received lately,” said a business spokeswoman to BleepingComputer. “
Earlier this month, the Cayman Islands-based company told its American customers through private email of its plan to suspend operations in the United States.
U.S. consumers will no longer be able to utilize CoinPayment Inc. or UAB Star Ventures’ platform as a result of the rapidly changing market conditions. US accounts will no longer be available as of July 19, 2022, according to an email sent by Facebook.
As the crypto gateway prepares to shut down on July 19th, consumers in the United States were asked to move their monies from the site to a new wallet before the company’s shutdown.
Several investors have expressed worry about the timing of CoinPayment’s decision to halt commercial activities in the United States, with some asking whether this was another “crypto grab or an exit fraud.”
The company’s customer care is unhelpful to some customers who have been able to move their assets from CoinPayment, while others have been able to do so effectively. The company has already sent out a boilerplate statement to the concerned clients, urging them to contact their support system directly.
The corporation has failed to comment on social media that it would be canceling people’s accounts from the United States on July 19th, according to another Twitter user.