CoinPayments announced its clients to withdraw funds before it shuts down on 19th July

Leading cryptocurrency payment gateway, CoinPayments.net is ending its operations in the United States and has urged its users to withdraw assets as soon as possible before July 19, 2022. The company has also notified the customers via private emails.

Coinpayments is a worldwide payment gateway that currently supports over 120 types of crypto coins announced its shutdown process by emailing its customers last week. The company email reads, “U.S. users should withdraw their virtual assets to an external wallet no later than July 19, 2022. With effect from July 19, 2022, accounts belonging to U.S. users will no longer be accessible.”

A Coinpayments spokesperson blamed the recent Anti-Money Laundering (AML) regulations and sudden market changes are reasons for its shut down across the U.S. The spokesperson said to a source, “Unfortunately, due to recent AML regulations and changes, we are no longer able to provide services to the United States.”

However, the CoinPayments’ closure announcement via emails was not well received by the customers. They mistook it for another exit scam which is a fraudulent practice done by unethical cryptocurrency companies that profits from exiting the market with investors’ funds. During exit scams fraud companies pretend to be hacked with no access to their investors’ funds and pay a limited amount to their clients for the service while sneaking away with clients’ money.

Although CoinPayments has firmly announced the clients to take all their funds from external wallets so there’s no reason to think about an exit scam scenario in this case.

Are there other exchanges suddenly dumping American clients and keeping their funds? Is this a crypto grab? e.g. @CoinPaymentsNET https://t.co/UoVIpjIQ6F pic.twitter.com/K176QuBvjY

— Kurt Seifried (He/Him) (@kurtseifried) July 12, 2022

Definitely could be a sort of exit scam, though just for a certain number of clients

— Ian Costa (@Ian_Costa18) July 12, 2022