ePayments, which is an online money transfer platform, is now preparing to relaunch after a seven month suspension. However, it has been revealed that there will not be any support for crypto or peer-to-peer payments this time.
ePayments has issued around 75,000 debit cards and back in 2019, the firm had made profit of around $23.2 million as per the regulator filings. It has been revealed that cryptocurrencies have around one fifth of the business of the firm. While the news of relaunching the firm pleased many, its decision to stop any support to cryptocurrencies came as a shocker.
We are getting ready to start working together again. Please visit our blog to read the latest news: https://t.co/5Agdtij7OI
— ePayments (@myepayments) September 14, 2020
ePayments Suspended All Online Payments
After the review of the Financial Conduct Authority (FCA), back in February 2020, ePayments had suspended all of online payments. The regulator saw some issues with the anti-money laundering systems and controls of the firm. During that time, the firm had frozen the accounts of around a million customers.
A lot of people have claimed that Mike Scott was involved in the suspicious activity due to which the firm was suspended. However, the regulator has not revealed any kind of connection of Scott with this suspension.
Introducing Biometric Authentic Processes
According to the recent announcement by ePayments, with this relaunch, the firm will also be introducing biometric authentic processes. Now the method of making payments and getting paid will be changed completely with this biometric process. As stated by the firm, “Individuals will only be able to get paid by companies and will only be able to send money to their own account.”
This simply indicates that there will not be any kind of peer-to-peer payments in fiat or crypto. The date has not been announced by the firm when the customers will get access to their services and accounts but it is expected to be released anytime soon.