The Israeli Eyal Nachum is certainly an experienced Payment & FinTech veteran. And Nachum is just as surely familiar in dealing with the high-risk and dark business segments as payment processor. In April 2020, Nachum’s Lithuanian payment processor Bruc Bond was revoked by the Bank of Lithuania for serious and systematic regulatory violations. Now he is making himself heard again.
Payment Veteran Eyal Nachum
Almost 10 years ago he was already a payment processor for the so-called high-risk segment with his PayoBin platform. Later he facilitated illegal and fraudulent binary options providers with his Payobin and the Moneta International UAB (now Bruc Bon UAB) and International Fintech UAB, which he and his partner Tamir Zoltovski founded in Lithuania.
Since the Bruc Bond license was revoked, Nachm has pursued an active PR policy and is trying to revive his name as payment and fintech guru. Most recently with a statement to the UK Magazine Business Matters:
Bruc Bond’s Eyal Nachum believes that this approach is misguided. Innovative financial institutions and challenger banks can’t and shouldn’t aim to replace banks, and the bastions of traditional banking shouldn’t fear and oppose them quite as much. Instead, Eyal Nachum says, it’s time for close cooperation to ensure the provision of high-quality, innovative services to customers.Eyal Nachum in business matters magazine (link)
Nice words, huh? Especially after the ever-growing scandal surrounding the former German fintech wonder Wirecard.
Nachum and his partner have been in litigation for years with a former partner accusing him of fraud. Together they have facilitated some of the largest binary options scams as payment processors. Now the former partner accuses Nachum of cheating him about the legality of the business. Proceedings are currently ongoing in Qatar, Israel, and Malta. Nachum strictly denies these accusations. Further criminal complaints are not excluded.
After the collapse of Wirecard, it remains to be seen whether the regulators and authorities will continue to take a laissez-faire approach to fintech startups such as Bruc Bond or Moorwand. In the case of Bruc Bond, there has been at least one withdrawal of license. However, further work on the illegal and fraudulent binary options must also be done.