The US-based crypto payments and custody platform Unbanked announced in a blog post that they will be shutting down services. The company was founded in 2018, and claimed they wanted to provide regulated, on-shore services to US-based companies hoping to engage with crypto. As is common with blockchain company shutdowns these days, they blamed US regulators. Referring to their choice to build the company in the US, they wrote: “We unfortunately learned… taking this path lead [sic] to a lot of wasted time and excessive costs. To state it bluntly, US regulators are actively trying to stop companies (banks and fintechs) from supporting crypto assets – even when the companies are trying to do it correctly and by the book. Their efforts are working and ultimately limited Unbanked’s ability to raise capital and run a self-sustaining business.“However, Unbanked also let on that their closure was more related to an investment falling through than to any regulatory issues. The company wrote that a $5 million investment was never delivered, and that the company had “exhausted all options” funding-wise.