On February 11, 2020 all ePayments accounts have been frozen. Officials ensured that this is a temporary measure and funds are safe and secure.
The official website is live, but the following message is displayed to all visitors:
Current affairs are directly connected with the Fifth Anti-Money Laundering Directive (AMLD5). Its main purpose is to prevent the possibilities of anonymous cryptocurrency cashing.
ePayments is registered in the UK, so it’s regulated by FCA. It is one of the largest crypto-to-fiat exchangers in Europe. This payment system makes it easy to send money to another e-Wallet (the most popular one is WebMoney) or to withdraw cash at almost any ATM worldwide using their prepaid plastic card.
AMLD5 came into force on January 11, 2020 and just one month later, FCA ordered ePayments to suspend its customer accounts.
It is no wonder that ePayments customers were frustrated. Some of them are already preparing legal claims. ePayments official twitter is filled with similar posts:
It is expected that ePayments is going to conclude thorough verification of all customers. Suspicious accounts will be permanently blocked. It’s very likely that ePayments won’t work with WMZ wallets anymore. And the most important, additional 2-factor authentication will be implemented for both new and old customers.
Skrill and NETELLER implemented very strict verification policies: customers have to confirm their ID, address, etc by sending in the copies of requested documents. In other words, everything works according to the latest security standards. It means that ePayments scenario is very unlikely to repeat for the users of these payment systems.
Back in June, 2019 Skrill implemented SCA to prepare for AMLD5 in advance. Moreover, Paysafe has moved its head office to Dublin and received the Irish state license, which allowed them to continue working in EU countries.
Skrill and NETELLER are the best deal among online payment systems. They ensure safety and security of funds, privacy protection and fast transactions.
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