Bitcoin Lender BitLendingClub to Shut Down, Blames Regulatory Pressure
BitLendingClub has decided to close its service designed to help small businesses in emerging markets due to regulatory pressures, the company informed customers in a blog on its website. The blog noted the company worked hard to build a platform to provide the greatly needed service. The blog did not expand on what regulatory pressures it was facing. Limited Functionality To Begin. The company, which launched two years ago, will maintain minimal functionality in the near term to allow existing users to repay loans and withdraw their funds. The restricted functionality will begin next....
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Peer-to-peer bitcoin lending platform BitLendingClub has announced that it is shutting down next year. First detailed in an email to users and later a blog post on its website, BitLendingClub said that "regulatory pressure" in Bulgaria, where the site is based, had driven the site to close. While the platform's operators weren't clear on exactly when the site would begin to shut down, the team behind the service said that it would disable registrations and loan requests "sometime next week". Full closure is expected sometime in August of next year, before which time the....
The world’s largest Blockchain lending marketplace, BitLendingClub, has announced its sudden shutdown due to what it describes as regulatory pressure. The Bulgarian-registered startup has operated since 2014 and has funded almost 10 thousand loans worth in excess of $7 mln. Now, its operations are ceasing, with existing users retaining minimal functionality in order to move funds out. “We’ve worked extremely hard to build a platform and a community which is uniquely positioned to provide the Bitcoin ecosystem with a greatly needed service,” a blog post released today states. The company....
Bitcoin-based P2P loans company BitLendingClub has officially announced its closing operations. The startup announced its departure via its blog, stating “regulatory pressures” forced the decision. BitLendingClub Shutting Down Due to Regulations. In a letter to customers on December 1, the company BitLendingClub advised it will be shutting down. The....
BitPhone, cryptocurrency based voice and video calling platform has shut down due to increasing regulatory pressure. Poorly drafted regulations have again started to haunt Bitcoin businesses. Many cryptocurrency platforms have fallen victims to the fiasco, choosing to either move away from a particular market/location or shut their shops entirely. BitPhone is the latest company to succumb to the injuries inflicted by regulations. The cryptocurrency-based encrypted voice and video calling platform has announced the end of its brief 1.5-year stint. According to BitPhone’s announcement, the....
Bitcoinist.net sat down with a Q&A of Jan Heinicke-Clemm of Genesis Mining and BitLendingClub CEO Kiril Gantchev, to discuss their new partnership. What is BitlendingClub? BitLendingClub is an international peer-to-peer crowd lending platform. The platform allows borrowers from all over the world to request a Bitcoin loan. Lenders compete to offer the lowest possible interest rate for the loan and once the lenders have invested enough BTC to fund 100% of the loan, then the borrower can reject or accept the loan offer. By allowing the lenders to compete to offer a lower interest rate,....