{"id":2594,"date":"2020-02-13T13:25:59","date_gmt":"2020-02-13T13:25:59","guid":{"rendered":"https:\/\/www.adspyglass.com\/blog\/?p=2594"},"modified":"2020-12-31T10:50:33","modified_gmt":"2020-12-31T10:50:33","slug":"epayments-has-been-blocked-reasons-problems-alternatives","status":"publish","type":"post","link":"https:\/\/www.adspyglass.com\/blog\/epayments-has-been-blocked-reasons-problems-alternatives\/","title":{"rendered":"ePayments has been blocked? Reasons, problems, alternatives"},"content":{"rendered":"\n

On February 12th<\/sup>, 2020, ePayments electronic payment service has been blocked. Millions of customers around the world have been left without the opportunity to send or receive payments online or with ePayments debit\/credit cards. Let\u2019s find out what\u2019s happened and check the alternative solutions.<\/p>\n\n\n\n\n\n\n\n

ePayments is a widely used electronic payment system that\u2019s licensed in the UK and allows for issuing IBAN accounts and bank cards for regular users, businesses and online merchants. In July 2018, it has become the first company to use Passport authorization in Telegram messenger. The company fully protects users\u2019 funds, and many of them have to go through a complicated KYC procedure, which boosts the security.<\/p>\n\n\n\n

However, that didn\u2019t save ePayments from serious legal problems.<\/p>\n\n\n\n

No more payments?<\/h2>\n\n\n\n

On February 11th<\/sup>, ePayments has agreed with the Financial Conduct Authority (British regulator) that it will suspend all activity on the customers\u2019 accounts. Such a decision was made after the regulator had found the signs of money-laundering operations. <\/p>\n\n\n\n

Since January 10th<\/sup>, 2020, FCA turned into the United Kingdom\u2019s only AML authority in the field of crypto business. Evidently, ePayments wasn\u2019t able to prove its compliance with Anti Money-Laundering standards in the course of one month.<\/p>\n\n\n\n

The regulator plans to introduce even harsher AML and a few other requirements, which means ePayments has a lot of work ahead, and they have to settle up all issues as soon as possible because it concerns millions of users and billiards of USD on their accounts.<\/p>\n\n\n\n

Clients haven\u2019t been notified<\/h2>\n\n\n\n

The problem appeared out of nothing \u2013 ePayments didn\u2019t place any warnings on the official website. Email notifications haven\u2019t been sent either. That embarrassed millions of users from all over the world, especially in CIS countries.<\/p>\n\n\n\n

ePayments was one of the most convenient and cost-efficient tools for fiat\/crypto and crypto\/fiat exchanged. The suspension of service is a real issue for freelance workers and businesses. <\/p>\n\n\n\n

Will ePayments come alive? <\/h2>\n\n\n\n

It depends on FCA requirements and how long it will take ePayments to go through the compliance procedures. Most likely, debit and credit cards of regular users will be unblocked in a few weeks. The other functions will be available later \u2013 in several months, the requirements will get stricter. At the moment, the company is negotiating with the regulator.<\/p>\n\n\n\n

Any alternatives?<\/h2>\n\n\n\n

The exact alternative options depend on the country of the user\u2019s residence. They include:<\/p>\n\n\n\n