According to a December 30 customer email received by Kindesk, one of Japan’s earliest bitcoin custodians is ending service for U.S. customers by March 1.
“Due to a change in our global business strategy, Japo, Inc. is leaving the U.S. market and all U.S. customers will close their Japo accounts. As a result, we will need to transfer your funds to an external Bitcoin address,” the company wrote in an email.
Japao is in the midst of piping A digital banking serviceAccording to a May blog post. Confirming the move to Kindesk in an email, founder Waynes Casares wrote, “Our core value proposition is to save our clients’ lives, mostly in emerging markets. Our target clients are people who have savings of more than $ 30,000 but less than million 1 million who do not want to keep all their savings in local currency or in their home country. Due to their size, they do not have access to international private banking services. “
After obtaining a banking license in Gibraltar, the company realized that it needed to set up a separate company to comply with U.S. banking regulations in a market without strict regulations for their specific services. “Serving the U.S. market will require a lot of hard work, time and investment, it needs a separate agency within Japo to support it and it can achieve worse products internationally than what we can offer,” Cassares added.
Emails to customers asking them to transfer BTC Holding to external address. Buying and accepting Bitcoin within the app has also been disabled.
Zapo is one of the first participants in the Facebook-led library initiative, which became Stable project, day.