BTCJam, a bitcoin peer-to-peer lending marketplace, has announced its decision to shut down the platform owing to regulatory issues and difficulties in acquainting poor communities with bitcoin technology.

“We have made the difficult decision to close BTCJam. The regulatory challenges around Bitcoin and the difficulties we faced in introducing Bitcoin technology to poor communities around the world are simply beyond our capacity”, BTCJam said in a blog post. “No new loans can be made from today onward, and if you have any Bitcoin stored with us, you have until July 1, 2018 to withdraw it.”

It further said that borrowers with active loans can keep repaying them normally. Until all loans reach their term and either fully repaid or defaulted, the repayment functionality will remain available. Thereafter, BTCJam said that the website will switch to a simpler version that will only allow the withdrawal of a remaining balance.

The company stopped taking new US customers in March 2016, citing uncertainty around bitcoin regulation in the country.

Founded in 2013, BTCJam has serviced over 20,600 loans in 122 countries, totaling more than 64,000 Bitcoin loaned. It has raised $9.2 million in 3 Rounds from 10 Investors, with the most recent series A funding round held in October 2015 in which it raised $1.9 million from Foundation Capital.

“We extend sincere thanks to all our lenders, borrowers, collaborators, investors, and everyone who believed in our dream of working together to provide access to fair credit without borders. It’s a mission we still believe in”, it added.