ePayments is gone!

[georgio]

Again I tried to warn people about epayments back in November . See my below post:

https://www.offshorecorptalk.com/th...e-a-hidden-agenda-be-warned.27167/post-111211
I repeat for maybe the 100th time on here. NEVER EVER EVER EVER go near a Russian EMI or bank period - no mater what country it is operating from period!!!!

Lastly if anyone is using Euro Pacific Bank your turn is coming....lol

Do you guys think something similar could happen to TransferWise? I've already had issues with Revolut this year..

 

[LisaSimpson]

@georgio
You never know, they all hide their playing card. The best you can do would be to open several accounts at different electronic money institutions and distribute equally your money on every plateform.

 

[rowena]

I am not expecting any problem for TW because there are lots of differences between TW and ePayments. TW is about 100x bigger than ePayments(turnover, employee, offices etc..) and ePayment is accepting gray area businesses like adult also they have crypto connection. That's why ePayments much riskier EMI but no one knowns every EMI can explode. Never use EMIs to keep money, just use them to receive payments and send to your bank account or withdraw with card etc...

 

[Mark Rucken]

They only accept EU clients is that correct?

Do they ask those clients any questions on sign up ensure those clients are not with them to avoid CRS?

They do have some KYC procedure. They do not accept clients from the Balkans, Russia, Soviet Nations etc, also USA citizens are not allowed and most of Africa.

 

[KJK]

DSX seems to be working as before except deposits of funds directly from epayments are disabled... huh

Okay, that didn't take long:

As you might have heard, ePayments has been reviewed by the FCA and agreed to temporarily suspend all accounts.

We are also temporarily facing some issues with our banking suppliers due to this situation.

As such, we are temporarily unable to accept bank deposits or process bank withdrawals. We are already working hard with the bank to fix the issue and start processing bank transfers again. However, cryptocurrency transfes are working as usual.

As soon as we have an update we will let you know.

We apologise for any inconvenience caused and want to assure you that the DSX team is working tirelessly to provide you with deposit and withdrawal options as soon as possible.

 

[Martin Everson]

Do you guys think something similar could happen to TransferWise? I've already had issues with Revolut this year..

Unlikely with TW which is backed by Richard Branson etc. Revolut however is a Russian EMI in UK so good luck anyone with money there. You have been warned.

 

[Martin Everson]

We are also temporarily facing some issues with our banking suppliers due to this situation.

Ok then their business is dead. RIP.

 

[void]

Ok then their business is dead. RIP.

they are dead either way from day one - the only question remaining... will people get their money?

 

[Martin Everson]

they are dead either way from day one - the only question remaining... will people get their money?

If they decide they have to do extra due diligence before sending out payment they could enforce the below condition and legally steal £50,000 from any balance. Think Rietumu bank...lol. Hopefully no one lied to them .

Their terms and conditions

https://www.epayments.com/docs/epayments_systems_limited_terms_and_conditions.html"10.3 You shall pay us the sum of £50,000 (Sum) on demand or we may deduct this Sum from the balance of your ePayments Account without notice if you use your ePayments Account and/or the Services in connection with any industry or activity that is set out in our prohibited activity list on our Website."

 

[void]

I must admit it's really bitter funny...
The list is pretty "flexible" and especially "Cryptocurrency Exchanges" is ridiculous considering they are running and directly supporting DSX...
https://help.epayments.com/hc/en-us/articles/360015296554-Declined-activities

 

[Buttout]

I recently heard rumors that ePayments is going to lose it's license soon

Where did you hear this very accurate rumor two days before the implosion?

 

[ontherun]

seems the prostitutes who were using ePayments to receive money from chaturbate are now switching over the Paxum

 

[amateur]

seems the prostitutes who were using ePayments to receive money from chaturbate are now switching over the Paxum

Well, i think that is not illegal job, mean on chaturbatte models or as you said prostitutes

I mean that is probbably not reason for closing epayments.

 

[JohnLocke]

Unlikely with TW which is backed by Richard Branson

I'm impressed and wasn't aware of this little piece of informationm, it would be worth for me to do better research in the future

 

[KJK]

seems the prostitutes who were using ePayments to receive money from chaturbate are now switching over the Paxum

Hahaha very funny. I'm pretty sure there were 100 times more legit affiliates etc. than chaturbate models on ePayments.
Yes there are problematic niches (which e.g. Payoneer doesn't want) but that wasn't the primary reason. The primary reason was that the UK regulator
got fed up with the volume of suspicious transfers to which they cannot provide KYC / source of funds...

I do not see any good solution, same thing happening to MisterTango, to Monese, to Revolut... Maybe if everyone switched to crypto and central banks and nation states collapsed, noone would need EMIs.

 

[amateur]

Hahaha very funny. I'm pretty sure there were 100 times more legit affiliates etc. than chaturbate models on ePayments.
Yes there are problematic niches (which e.g. Payoneer doesn't want) but that wasn't the primary reason. The primary reason was that the UK regulator
got fed up with the volume of suspicious transfers to which they cannot provide KYC / source of funds...

I do not see any good solution, same thing happening to MisterTango, to Monese, to Revolut... Maybe if everyone switched to crypto and central banks and nation states collapsed, noone would need EMIs.

I agree, I mean on this about crypto national banks and so on, so it looks to me too that same happens with epayments now...


KJK, ali 3 service you mentioned, as I can still works, or I am wrong...?

 

[void]

Maybe if everyone switched to crypto and central banks and nation states collapsed, noone would need EMIs.

I'm a huge crypto supporter too but... we shouldn't forget that earning purely in crypto and spending purely in crypto doesn't change anything about you being liable to pay taxes from your income. The only difference is how (un)traceable it is. One can hide his earnings in fiat too, it's not that difficult especially in some parts of the world and with experience. Crypto only makes this easier. No matter what one probably doesn't want to spend rest of his life in fear that in 10 years some bastards from the tax office will find out and put you to prison (you don't need to owe that much on taxes for that to happen)

 

[KJK]

KJK, ali 3 service you mentioned, as I can still works, or I am wrong...?

Define "still works".

MisterTango almost collapsed, closed most accounts on a one day notice and now you can re-sign up after extensive KYC.

Monese is operational but hates crypto and will close your account if you have high turnover; terrible support.

Revolut is operational but at the moment thousands and thousands of people's accounts are closed and they are demanding insane documentation for source of funds, agreements, bank statements, tax returns, more and more questions; terrible support.

 

[amateur]

Define "still works".

MisterTango almost collapsed, closed most accounts on a one day notice and now you can re-sign up after extensive KYC.

Monese is operational but hates crypto and will close your account if you have high turnover; terrible support.

Revolut is operational but at the moment thousands and thousands of people's accounts are closed and they are demanding insane documentation for source of funds, agreements, bank statements, tax returns, more and more questions; terrible support.

Thanks for detailed info, I see You know this field very well bro...

Do You know what is situation in those services with accounts that never had any crypto activity?

I am asking this because that is my situation with epayments.

 

[amateur]

And sorry, I forgot this, when You say 'Define "still works". 'I mean they are all online (their sites) and accept new members. Of course, that could mean nothing, but I am not sure, that is why I am asking You, since I see that You are very good informed