Tag: MuchBetter

That's really bad news for the European fintech scene. The Bank of Lithuania (BoL) has revoked the license of PAYRNET, an electronic money institution, due to serious and repeated violations of legal acts. The regulator intends to seek bankruptcy proceedings against PAYRNET and will notify law enforcement authorities. Furthermore, the regulator has restricted PAYRNET's ability to dispose of allocated funds, subject to certain reservations.

The High-risk payment processor MuchBetter recently stopped most provided services. The service disruption came just days after the Bank of Lithuania ordered PayrNet UAB to stop onboarding new clients on allegations of “severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.”The regulator also ordered to stop the provision of services through the company's agent UAB MIR Lithuania d/b/a MuchBetter, which may have caused the service disruption.

FinTelegram has looked at both investment and trading providers and facilitating payment processors over the past few years. The latter are the most important element for the operation of B2C services. Customers need to be able to deposit and withdraw. Very often we have found violations of regulatory requirements and AML/CFT specifications. Going forward, we also want to take a look at gambling schemes from a payment perspective, starting with MGA-regulated Shark77 Limited.