The online money transfer platform ePayments is restarting services after a seven-month suspension. And cryptocurrencies support is notably absent this time around.
The ePayments is a global money transfer service with more than 1 million accounts and 75,000 debit cards issued. The company made profits of $US23.2 million in 2019 according to its regulator filings. The company has announced that it is preparing to “start working again”. But since cryptocurrency accounted for one-fifth of its business, it is notable to relaunch without it
In February 2020, the United Kingdom-regulated electronic money institution was suspended following a review by the Financial Conduct Authority ( FCA). 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 froze approximately one million customer accounts after the financial watchdog “agreement.” There were reports at the time that crypt was unlikely to be linked to the cause of the crackdown.
Nevertheless, some have linked the suspension to suspicious activity involving ePayments partner, Mike Scott. Who was embroiled in the OneCoin scam. An email in which the founder Ruja Ignatova, who is now running OneCoin. Contacted Scott involved him in the Ponzi scheme laundering $400 million.
There has been no official confirmation from the UK financial regulator regarding this connexion.
The company stated the latest announcement from ePayments will introduce biometric authentication processes. And change the way people 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, the provision of peer-to-peer payments in fiat or crypto will not exist.
ePayments have not yet announced a date when its customers will have access to their accounts and services. But when they do they will be very limited, highly monitored, and without any digital asset support.