Cryptopay, which supplies crypto cards, has lost its EU license

The Central Bank of Lithuania has revoked the license of Cryptopay, which issues debit crypto cards. This was reported by representatives of the regulator.

Reasons for revocation of permission

The regulator decided to revoke the permit due to significant and persistent violations of regulatory requirements. The central Bank gives an example that UAB Payrnet did not comply with the necessary regulations regarding money laundering and financing of terrorist activities. Additionally, it did not comply with international sanctions.

The regulator's statement also says that the card issuer did not have all the data on the number of users who used the service. She also did not control the information about the transactions carried out by the end customers, could not find out their exact sizes.

Additionally, the Central Bank received about 50 complaints about the service. They say that the payment service, without warning users, terminated the contract. At the same time, there was no return of assets that were in the accounts.

Representatives of the card issuer, talking to Cointelegraph, reported that the funds of customers were preserved. However, they urge to withdraw their deposits from debit cards immediately. This applies not only to European users, but also to customers from the UK. They may also have problems.

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