The ePayments on-line cash switch platform is restarting providers following a seven month suspension – and notably absent this time round is help for cryptocurrencies.
ePayments is a world cash switch service that boasts over 1 million accounts and has issued 75,000 debit playing cards. In line with their regulator filings, the agency made earnings 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.
We’re on the brink of begin working collectively once more. Please go to our weblog to learn the most recent information: https://t.co/5Agdtij7OI
— ePayments (@myepayments) September 14, 2020
The UK-regulated digital cash establishment was suspended in February 2020 following a Monetary Conduct Authority (FCA) assessment 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 were reports that crypto was unlikely to be associated to the reason for the crackdown.
Nonetheless some have linked the suspension to suspicious exercise involving ePayments accomplice, Mike Scott, who was embroiled within the OneCoin pyramid scam. An email, by 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 most recent announcement from ePayments said the corporate will likely be introducing biometric authentication processes and altering the way in which that people could make funds and receives a commission.
“People will solely be capable to receives a commission by firms and can solely be capable to ship cash to their very own account.”
In different phrases, there will likely be no peer-to-peer funds provision in fiat or crypto.
ePayments has but to announce a date when its prospects may have entry to their accounts and providers, nonetheless, after they do they are going to be on a really restricted foundation, extremely monitored, and with none help for digital property.