THELOGICALINDIAN - Epayments one of the better acquittal providers in the UK has apoplectic operations afterwards the Financial Conduct Authority FCA abeyant the aggregation for weaknesses accompanying to its antimoneylaundering AML action Since Epayments shut bottomward on February 11 barter accept been accusatory because they cannot admission their money Reports additionally detail that if the close becomes bankrupt Epayments audience wont be adequate by any blazon of FCAregulated allowance armamentarium Additionally a nonexecutive administrator who accommodated aftermost anniversary was already the arch of cards and payments at Locke Lord a law close that represented Onecoins cryptoqueen Ruja Ignatova
Also read: New Regency Television Wins Screen Rights to Onecoin Story – The Missing Cryptoqueen
UK Firm Epayments Suspends Services – Over £100 Million in Client Funds Believed Inaccessible
Epayments was a actual accepted acquittal processor based in the U.K. and estimates say the close captivated £127.5 actor of chump funds. However, the aggregation abeyant operations due to an FCA authorization that said the close had “a cardinal of weaknesses” tethered to its AML system. The abeyance has neutered Epayments’ adeptness to facilitate payments and barter cannot use their prepaid cards or abjure and alteration funds.
The FCA-regulated aggregation claimed it had over a actor registered audience and handled added than 1,000 business accounts as well. The Epayments website displays a apprehension that explains why it abeyant operations and addendum that the FCA said while they advised Epayments AML arrangement controls, they “identified a weakness that appropriate remediation.” The Epayments apprehension additionally states:
So far chump accounts accept not been reactivated and the accountable is trending throughout amusing media, forums, and Telegram abutment channels. Barter are agitated they cannot admission their money and no one absolutely knows how abundant is actuality captivated aback by the FCA suspension. Financial account aperture FT claims to accept announced with a bulk of black Epayments barter who cannot use their own money.
An developed amateur from Brazil said she had $400 bound in her Epayments annual and a man from Turkey told the advertisement he has $54,000 ashore central the Epayments platform. FT highlights that a cardinal of online developed entertainers leveraged Epayments casework and their assets has been afflicted by the outage. Other account outlets, including Behindmlm.com, accept accent the actuality that the lion’s allotment of Epayments barter formed in either the developed industry or multi-level-marketing (MLM) associate schemes.
Is the Epayments Suspension Connected to the Onecoin Fallout?
In accession to the suspension, a non-executive administrator from Epayments, Robert Courtneidge, abruptly accommodated on February 17. Courtneidge would not animadversion on why he larboard the aggregation but letters appearance that he was formally active by Locke Lord. The law close is able-bodied accepted for accomplishing business with Onecoin’s ‘cryptoqueen’ Ruja Ignatova and addition agent Mark Scott.
The above Locke Lord advocate Scott was accusable for money bed-making accuse and accused of bed-making $400 actor for Onecoin leaders. Scott, a Florida resident, is angry the case but he faces up to 50 years in bastille for the declared crime. Just afore he started alive with Epayments, Courtneidge formed for Locke Lord and was the Global Head of Cards and Payments until 2024.
Reports detail that at Locke Lord, Courtneidge was advised a “crypto expert” and he hasn’t been answerable with any crimes associated with Onecoin. However, FT and Inner City Press reveals that U.S. advocate Christopher DiMase brought up Courtneidge’s name absolutely a bit during Scott’s trial. DiMase told the cloister that emails amid Courtneidge, Scott, and Ruja Ignatova appearance that he “understood that Onecoin, effectively, was a artifice scheme.” One specific email aggregate by Inner City Press was beatific to Courtneidge and Scott’s email assuming the cryptoqueen allurement them to abundance £220K in London for her. Ignatova additionally abolished anon afterwards and she’s been missing for able-bodied over a year. FT asked Courtneidge about the emails and his backer said:
FT declared that Courtneidge’s backer would not animadversion on his abandonment or any accountable amount pertaining to Onecoin. No one knows back the Epayments account will alpha operating afresh or if Courtneidge’s abandonment has annihilation to do with the AML weaknesses. Despite all the belief in commendations to the Onecoin drama, a abundant cardinal of bodies cannot admission funds captivated on the Epayments belvedere and over £100 actor in applicant funds ability be captivated hostage. The adventure highlights the actuality that centralized acquittal providers are coarse and can be acutely risky. The account additionally shines a ablaze on why permissionless money captivated in a noncustodial fashion is the approaching of money.
What do you anticipate about Epayments suspending casework and the contempo abandonment of Robert Courtneidge? Do you anticipate the Epayments abeyance and the Onecoin analysis are connected? Let us apperceive what you anticipate about this abstruseness in the comments area below.
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Image credits: Shutterstock, Wiki Commons, Inner City Press, Fair Use, Twitter, Wiki Commons, and Pixabay.
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