EPOS is a Swiss-based company founded by a team of crypto experts working with blockchain since early beginnings. The project was interesting because they have developed a special high frequency trading program ( “EPOSoftware” ) that in theory allowed everyone to benefit from crypto. Aside the trading program, the proposed project was supposed to include a lending platform with promises of up to 48%/month.
However, the recent developments with crypto regulations, and most likely the legal trouble that Bitconnect is now in due to its own lending platform, convinced the team that it’s better to just cancel the project. And today they have done just that, sending the following announcement to all users that have registered for early access to the EPOS ICO:
Termination of the project due to legal regulation!
Hereby we declare our project a failure. Due to legal regulations in the area of Initial Coin Offering, we as the EPOS team would like to inform you that this terminates the entire EPOS project. We have currently no funds taken / accepted or managed so we have made in any way legally punishable. We are sorry to have to tell you, but we are not able to continue this project legally. Our members are in no way able to make any kind of legal claims. We want to prevent our customers from making any losses through regulation, which is why we decided to end EPOS early! We do not want to harm anyone, so that’s the only solution, we thank you for understanding.
Thanks for your trust and believing in EPOS.
Kudos to them for not going through with the project, if they had doubts about legality.