March 28, 2024

Blackmoon Crypto Cryptocurrency Exchange Announces Closure

The Blackmoon Crypto cryptocurrency exchange, which planned to be the first to place Gram tokens from the Telegram company, announcedclosure due to difficulty in meeting regulatory requirements.

Blackmoon Crypto was launched in 2017fintech company Blackmoon Financial Group, which offers solutions for the creation and management of tokenized investment funds. Last fall, Blackmoon Crypto expressed its desire to become the first platform where Gram tokens will be sold.

To do this, the platform interacted withTelegram’s technology partner, TON Labs, has also partnered with the Swiss custodian service Gram Vault, created specifically to store the not yet issued Gram tokens.

That same fall, the Securities and Exchange CommissionThe United States (SEC) sued Telegram, accusing the company of unregistered sale of tokens. At the end of March, the court blocked the distribution of Gram tokens, and the ban affected not only American investors, but also residents of other jurisdictions.

However, according to Oleg Seydak, Blackmoon Crypto CEO, the reason for closing the platform lies not only in the prohibition of Gram tokens, but also in the strict standards of regulatory authorities.

The site management concluded that attoday it is very difficult to remain competitive, complying with the Fifth European Union Anti-Money Laundering Directive (AMLD5) and constantly changing licensing requirements.

The platform notified users of its closureby email last week. Blackmoon Crypto raised withdrawal limits and canceled commissions. Holders of internal BMC tokens will be able to convert them into USDC stablecoins - the possibility of such an exchange will appear from April 24.

The exchange rate of BMC to USDC will depend onthe number of requests and remaining reserves. Seydak added that over the next three months, applications for withdrawal of funds will be processed automatically, and then individually.

Cryptocurrency platforms announce the closure offor various reasons. For example, in February, the Altsbit exchange announced its closure after a hacker attack, and in July last year, the Veil market forecasting platform was closed due to insufficient user feedback.

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