• MuchBetter, an electronic payment system, suddenly stopped most provided services, annoying many European customers.
• The disruption of service comes after the Central Bank of Lithuania suspended Payrnet UAB services for suspected money laundering.
• The US Treasury Department threatened foreign banks with sanctions if they formed business partnerships with providers of MIR Cards, a state-subsidized payment system fully owned by the Russian government.
MuchBetter Crypto Card Suspended
The award-winning crypto payment app MuchBetter halted all transactions and European customers report continuous reversals on bank withdrawals.
Investigations Into Money Laundering
MuchBetter’s card issuer is being investigated for money laundering and the disruption of service includes all transfers to and from merchants worldwide as well as top-ups not available for EEA customers. Cards, fobs, and wearables are also suspended.
Bank Of Lithuania Investigation
The disruption of service at MuchBetter comes just days after the Central bank of Lithuania suspended Payrnet UAB services, as the registered company is suspected of „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.“ Moreover, UAB MIR Lithuania served Payrnet UAB as an intermediary for card payment services.
Sanctions From US Treasury Department
The US Treasury Department threatened foreign banks with strict sanctions if they formed business partnerships with providers of MIR Cards, a state-subsidized payment system fully owned by the Russian government. All MIR cards were rejected in countries such as Venezuela, Belarus, Kyrgyzstan etc.
In conclusion, MuchBetter has been forced to halt all transactions due to investigations into money laundering which have caused outrage amongst European customers who are unable to cash out their funds successfully. Foreign banks are also faced with potential sanctions by the US Treasury Department should they form business partnerships with providers of MIR Cards from Russia which have been widely rejected in neighboring countries due to its history in Ukraine