The ePayments system suspends work after the UK regulatory check

There is nothing to worry about now. The payment system did not cease operating, it only suspended user operations at the request of the regulator. User funds remain in the accounts of the company, which is officially registered and operates in accordance with the British law.

It is important to remember that, considering the amount of funds in accounts of the platform and the vast number of users, the UK financial authorities will strongly control the situation with ePayments. Upon elimination of violations revealed during the review, assets will be unfrozen.

Most likely, current events may be connected with EU’s Anti-Money Laundering Directive
(AMLD5), which has already affected many projects related to cryptocurrency. So, for example, the Derbit exchange was forced to leave the European Union and start operating from Panama.

The majority of the payment system’s users are representatives of affiliate marketing systems and various forex brokers, some freelancers and representatives of online businesses.

We advise users whose funds have been frozen to wait for the resolution of the legal requirements. Perhaps it will take just a few days. The details of the current situation have not yet been disclosed, but from the company’s official letters it can be concluded that they were ordered to suspend operations at the request of the FCA and will unfreeze their customer accounts as soon as they fix lapses in their anti-money-laundering procedures.

Currently, the new account openings have also been banned but it is expected to be resolved soon too.