Market Cap
24h Vol
3431
Cryptocurrencies
58.91%
Bitcoin Share

Suspended ePayments platform will relaunch without crypto

Suspended ePayments platform will relaunch without crypto


CoinTelegraph
2020-09-16 03:35:21

ePayments is preparing to relaunch but there will be no crypto or peer-to-peer payments. The ePayments online money transfer platform is restarting services following a seven-month suspension — and notably absent this time around is support for cryptocurrencies.ePayments is a global money transfer service that boasts over 1 million accounts and has issued 75,000 debit cards. According to its regulator filings, the firm made profits of $23.2 million in 2019. The company has announced that it is preparing to “start working again,” but as cryptocurrency accounted for one-fifth of its business, relaunching without it is notable.We are getting ready to start working together again. Please visit our blog to read the latest news: https://t.co/5Agdtij7OI— ePayments (@myepayments) September 14, 2020 The United Kingdom-regulated electronic money institution was suspended in February 2020 following a Financial Conduct Authority review that highlighted issues with the firm’s Anti-Money Laundering systems and controls.ePayments took action to suspend all online payments, block prepaid cards and freeze around a million customer accounts after “agreeing” with the financial watchdog. At the time, there were reports that crypto was unlikely to be related to the cause of the crackdown. However some have linked the suspension to suspicious activity involving ePayments partner Mike Scott, who was embroiled in the OneCoin pyramid scam. An email in which the now-fugitive OneCoin founder Ruja Ignatova contacted Scott implicated him in laundering $400 million for the Ponzi scheme.There has been no official confirmation regarding this connection from the U.K. financial regulator.The latest announcement from ePayments stated that the company will be introducing biometric authentication processes and changing the way individuals can make payments and get paid.“Individuals will only be able to get paid by companies and will only be able to send money to their own account.”In other words, there will be no provision of peer-to-peer payments in fiat or crypto.ePayments has yet to announce a date when its customers will have access to their accounts and services; however, when access is restored, it will be on a very limited basis, highly monitored, and without any support for digital assets.


Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.