ePayments Programs, a troubled digital cash establishment processing on-line funds, introduced on Tuesday that it has entered into the method of a solvent wind-down, thus initiating an entire shutdown of the enterprise.
The transfer got here nearly three years after the UK regulator, the Monetary Conduct Authority, suspended the corporate from conducting enterprise, citing “some weaknesses in our monetary crime controls.”
Now, with the tough financial situations, it has change into troublesome for the funds firm to renew providers. It has already communicated its resolution with the FCA.
“We’ve over this era been working onerous to make sure these are as much as the required normal, however in these extraordinarily difficult and unprecedented world financial situations, and with the enterprise being restricted for such an prolonged interval we will not maintain the enterprise to construct again to what the FCA require and a ‘enterprise as traditional’ state,” ePayments acknowledged.
The corporate, which claims to have signed a million customers, provided fee providers to ‘high-risk’ clientele, together with corporations in cryptocurrencies , international change, the grownup trade and lots of extra.
Regardless of many speculations within the trade, the precise cause for the crackdown on the corporate is unknown as of but.
In September 2020, the corporate introduced its intentions to resume providers however mentioned it might not present help for the cryptocurrency trade. With none particular timeline, the platform ended up not providing any service.
Refunds in Course of
“We is not going to return to full operations and can now focus totally on offering prospects with refunds and dealing via the method of closing your accounts as we shut down the enterprise.”
Moreover, the funds firm assured prospects that their funds are saved in “safeguarded accounts.”
“As we shut the enterprise over the approaching months we encourage these with funds of their e-Wallets to withdraw these funds, and people not presently open for refunds to produce any required data required for us to open the refund for you,” the assertion added.
ePayments Programs, a troubled digital cash establishment processing on-line funds, introduced on Tuesday that it has entered into the method of a solvent wind-down, thus initiating an entire shutdown of the enterprise.
The transfer got here nearly three years after the UK regulator, the Monetary Conduct Authority, suspended the corporate from conducting enterprise, citing “some weaknesses in our monetary crime controls.”
Now, with the tough financial situations, it has change into troublesome for the funds firm to renew providers. It has already communicated its resolution with the FCA.
“We’ve over this era been working onerous to make sure these are as much as the required normal, however in these extraordinarily difficult and unprecedented world financial situations, and with the enterprise being restricted for such an prolonged interval we will not maintain the enterprise to construct again to what the FCA require and a ‘enterprise as traditional’ state,” ePayments acknowledged.
The corporate, which claims to have signed a million customers, provided fee providers to ‘high-risk’ clientele, together with corporations in cryptocurrencies , international change, the grownup trade and lots of extra.
Regardless of many speculations within the trade, the precise cause for the crackdown on the corporate is unknown as of but.
In September 2020, the corporate introduced its intentions to resume providers however mentioned it might not present help for the cryptocurrency trade. With none particular timeline, the platform ended up not providing any service.
Refunds in Course of
“We is not going to return to full operations and can now focus totally on offering prospects with refunds and dealing via the method of closing your accounts as we shut down the enterprise.”
Moreover, the funds firm assured prospects that their funds are saved in “safeguarded accounts.”
“As we shut the enterprise over the approaching months we encourage these with funds of their e-Wallets to withdraw these funds, and people not presently open for refunds to produce any required data required for us to open the refund for you,” the assertion added.
