Blackmoon Crypto has announced its closure

   Blackmoon Crypto, which was planning to place Telegram's Gram tokens for the first time, has announced its closure due to difficulties in meeting regulatory requirements.

Blackmoon Crypto was launched in 2017 by Blackmoon Financial Group, a financial company offering solutions for creating and managing 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 worked with Telegram's technology partner TON Labs, as well as concluded a partnership with the Swiss custodial service Gram Vault, created specifically for the storage of tokens not yet released Gram.

That same autumn, the U.S. Securities and Exchange Commission (SEC) sued Telegram, accusing the company of unregistered token sales. In late 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 the CEO of Blackmoon Crypto, Oleg Seidak, the reason for the closure of the platform is not only the ban on Gram tokens, but also in strict standards of regulatory agencies.

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

The site notified users by email last week of its closure. Blackmoon Crypto has raised its withdrawal limits and canceled commissions. Holders of BMC internal tokens will be able to convert them into USDC stickers - the possibility of such an exchange will be available from April 24.

The exchange rate of BMC tokens to USDC will depend on the number of requests and remaining reserves. Seidak added that during the next three months withdrawal requests will be processed automatically, and then - individually.

Crypt currency sites are announced to be closed for various reasons. For example, in February the Altsbit exchange reported closing after a hacker attack, and in July last year the Veil market forecast platform closed due to insufficient user feedback.