Suspended ePayments platform will relaunch without crypto

The ePayments on-line cash switch platform is restarting services and products following a seven month suspension – and particularly absent this time round is toughen for cryptocurrencies.

ePayments is an international cash switch carrier that boasts over 1 million accounts and has issued 75,000 debit playing cards. In line with their regulator filings, the company made income of $US23.2 million in 2019. The corporate has introduced that it’s making ready to “get started running once more” however as cryptocurrency accounted for one 5th of its trade, relaunching with out it’s notable.

The UK-regulated digital cash establishment used to be suspended in February 2020 following a Monetary Behavior Authority (FCA) overview that highlighted problems with the company’s anti-money laundering techniques and controls.

ePayments took motion to droop all on-line bills, block pre-paid playing cards and it iced over round 1,000,000 buyer accounts, after “agreeing” with the monetary watchdog. On the time, there have been stories that crypto used to be not likely to be associated with the reason for the crackdown.

Alternatively some have related the suspension to suspicious job involving ePayments spouse, Mike Scott, who used to be embroiled within the OneCoin pyramid rip-off. An electronic mail, by which the now at the run OneCoin founder Ruja Ignatova, contacted Scott implicated him in laundering $400 million for the Ponzi scheme.

There was no authentic affirmation relating to this connection from the United Kingdom monetary regulator.

The most recent announcement from ePayments mentioned the corporate can be introducing biometric authentication processes and converting the way in which that people could make bills and receives a commission.

“People will most effective be capable to receives a commission via corporations and can most effective be capable to ship cash to their very own account.”

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

ePayments has but to announce a date when its consumers can have get admission to to their accounts and services and products, then again, once they do they are going to be on an excessively restricted foundation, extremely monitored, and with none toughen for virtual property.

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