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Suspended ePayments platform will relaunch without crypto

Suspended ePayments platform will relaunch without crypto

The ePayments on-line cash switch platform is restarting companies following a seven month suspension – and notably absent this time round is assist for cryptocurrencies.

ePayments is a worldwide cash switch service that boasts over 1 million accounts and has issued 75,000 debit playing cards. In response to their regulator filings, the agency made income of $US23.2 million in 2019. The corporate has introduced that it’s making ready to “begin working once more” however as cryptocurrency accounted for one fifth of its enterprise, relaunching with out it’s notable.

The UK-regulated digital cash establishment was suspended in February 2020 following a Monetary Conduct Authority (FCA) evaluation that highlighted points with the agency’s anti-money laundering methods and controls.

ePayments took motion to droop all on-line funds, block pre-paid playing cards and it froze round one million buyer accounts, after “agreeing” with the monetary watchdog. On the time, there have been studies that crypto was unlikely to be associated to the reason for the crackdown.

Nevertheless some have linked the suspension to suspicious exercise involving ePayments accomplice, Mike Scott, who was embroiled within the OneCoin pyramid rip-off. An electronic mail, during which the now on the run OneCoin founder Ruja Ignatova, contacted Scott implicated him in laundering $400 million for the Ponzi scheme.

There was no official affirmation concerning this connection from the UK monetary regulator.

The newest announcement from ePayments said the corporate shall be introducing biometric authentication processes and altering the best way that people could make funds and receives a commission.

“People will solely have the ability to receives a commission by firms and can solely have the ability to ship cash to their very own account.”

In different phrases, there shall be no peer-to-peer funds provision in fiat or crypto.

ePayments has but to announce a date when its prospects can have entry to their accounts and companies, nonetheless, once they do they are going to be on a really restricted foundation, extremely monitored, and with none assist for digital property.

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