Trying to look at both sides of things:
From a business point of view, it may be just a matter of realizing that they can't cope with the regulations they have to comply with.
It takes resources, skilled staff, money, and a lot of other stuff. Not every company can adapt to its market. Maybe the motivation is not there too and they decided to give up.
From a business point of view, it may be just a matter of realizing that they can't cope with the regulations they have to comply with.
It takes resources, skilled staff, money, and a lot of other stuff. Not every company can adapt to its market. Maybe the motivation is not there too and they decided to give up.
I know its one tough job to run a company like this, especially with this avalanche of new regulations, new laws in every jurisdiction, pressure to implement AML and KYC, probably pressure also to disclose a lot of information about your users and all this on pretty tight margins cause if you jump the fee 1% you lose 10% of your users.
Some fail, some succeed but the thing is that they could have been honest about it and simply said the truth:
"Due to continuous changes in regulations we were unable to", ....and this is why we're closing down.
From a user point of view, the time given for cashout is very short to give everyone time. But even that may not have been their decision.
Hmm, I doubt there could have been any kind of legal requirement or ultimatum from any authority where they are licensed to operate to completely shut down the website and terminate access in one month, this is most likely their final shave on some user's funds. Let's compare this to what Huobi is doing, they issued a warning about terminating all accounts from Singapore, and poeple from that country have till March 2022 to withdraw their funds from the platform.
