Mined by the GRAM token, the Blackmoon Crypto exchange gives up

The exchange recorded in the Cayman Islands bet on the TON blockchain of Telegram and its tokens grams to develop. Faced with the uncertainty of the cryptocurrency and due to European regulation, Blackmoon Crypto closed.

The trading platform Blackmoon Crypto will not wait for the end of the legal soap opera SEC and Telegram. The company announces that it is ending its crypto-asset trading business.

To stand out in this very competitive market, Blackmoon Crypto largely relied on the launch of YOUR and the token show grams messaging service. Blocked for several months, it may never take place.

Blackmoon disadvantaged against unregulated exchanges

However, according to the chief executive of the exchange registered in a tax haven, the Cayman Islands, the compromised future of the Gram is not the main explanation for the closure. Oleg Seydak justifies this decision to CoinDesk by the weight of regulation in Europe.

After careful analysis, we concluded that operating a crypto exchange in accordance with all modern regulations, including the Fifth Anti-Money Laundering Directive and licensing requirements, is not competitive compared to unregulated alternatives available on the market today, ”

Blackmoon Crypto customers were notified of the activity by email last week. They can thus withdraw their assets. Owners of their own BMC tokens of the company (issued in 2017 via an ICO) can convert them.

The exchange specifies that by April 24, it will make available a converter. Customers will be able to exchange their BMC for USDC stablecoins. However, the conditions and rules for conversion remain to be determined.

A strategy based entirely on Grams and TON

The BMC / USDC conversion rate will be flexible and will depend on the number of requests and current reservations, ”said the CEO of Blackmoon.

The company's ICO had raised $ 30 million.

But it is mainly thanks to grams that the exchange hoped to develop financially, and stand out commercially. The market place was initially positioned on token trading Ethereum. Insufficient to differentiate.

Thanks to launch of the TON blockchain of Telegram, Blackmoon aspired to become the first official marketplace for its gram tokens. To that end, it had several important clients among the $ 1.7 billion ICO investors in Telegram.

A US court ruling in March put an end to these plans. The courier was forced to postpone once again the release date of its cryptocurrency. An injunction prohibits him from issuing it as part of his ICO.