Unbanked, a blockchain-based financial services provider, has announced that it will gradually shut down operations, mainly due to excessive regulation. Unbanked account customers and their White Label program customers should begin withdrawing all funds (cryptocurrency and USD) as soon as possible and maintain withdrawal functionality for the next 30 days. Unbanked says most of its funding comes from backers of various crowdfunding campaigns, raising $4 million in five years from about 6,000 investors. Three weeks ago, Unbanked signed a term sheet for $5 million at a valuation of $20 million, which will allow us to not only continue operating, but also expand. But so far, Unbanked has not received those funds. Unbanked said it would resume operations if funds were later received.