Starting from February 11, 2020, the famous payment service – ePayments suspended all operations regarding customer accounts at the request of the Financial Conduct Authority (FCA). The company informed users about this. It is a common belief that such practices prevent money laundering, terrorist financing and tax evasion. Compliance (risk management and control department) works closely with this. Over the past few years, the volume of the requested documents from payment cards has grown significantly and this has become the norm. You couldn’t witness anything like that with ePayments. For a long period of time, the company worked smoothly, and all the money operations were made without the slightest whiff of anything improper.
In addition, having examined the documents, it’s clear that ePayments has more than enough funds for salaries, lawyers, etc., so the company can continue to work properly. If the regulator had found at least some violations in the storage of customer funds, everyone, from the director to the shareholders, would have been locked up. According to the official statement of the FCA, nothing like this happens. There are no violations at the disposal of clients‘ funds. Disposal of funds has been suspended by the English FCA until the quality of customer identification has improved. Epayments has enough funds to meet FCA requirements and continue to work.
At the moment, any Deposits or Withdrawals via ePayments is prohibited. It is also impossible to transfer money, make current payments. EPayments cards are blocked. What happened with ePayments was clearly not a big surprise.
Similar incidents are not uncommon and occur every week. Most payment systems do not have hundreds of thousands of active customers, so they are less discussed.
The fact that money really cannot be withdrawn from accounts is confirmed by numerous chat messages and letters from ePayments. They say that users will not be able to deposit, withdraw and transfer funds, as well as use ePayments cards.
Most experts do not advise ordinary users to worry about the safety of their money. EPayments company rumbled on for years, and only suspends user operations while checking and resolving all problems. In this situation, they will have to confirm in detail the appearance of funds in the accounts. If this information is not provided, there is a good chance that the money will be frozen for longer periods. Many companies conducted their business through this payment service, and freelancers collaborated with customers from all over the world. Now users whose accounts have not yet been frozen are feverishly withdrawing the funds. However, the vast majority of users of the platform are Post-Soviet-based, so returning funds could be problematic. Some crypto enthusiasts do not believe in a positive outcome and predict, that all ePayments services will go catawampus.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.