Did Payeer lose its license?

[Simon4466]

As can be seen on Payeer's contact page (PAYEER | Contacts) it uses a Vanuatu license to operate its payment service processing, but this expired in May of this year: https://payeer.com/static/pdf/paycorp_limited_Certificate_Principal.pdf

Is this bad news or does it simply take some time to renew a license?

 

[Martin Everson]

Lot of RUB options. Is this Russian run laundromat?

UPDATE: Should have just googled them before posting 🙄

https://fintelegram.com/estonian-scam-facilitator-payeer-and-its-russian-owner/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[aage]

I wonder how long this article will stay public since they may try to get it down. Anyway, they have always been too expensive with a silly customer support.

Let it go, they will start something new under a new name.

 

[Simon4466]

Update, their Estonian license has been revoked as well last month: Payeer OÜ lost the right to offer virtual asset services | Financial Intelligence Unit

 

[Martin Everson]

As I said for years on here. Stay away from all Russian involved banks or EMI (aka laundromats) unless your happy to deal with problems old)(#.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[ilke]

Martin Everson said:
As I said for years on here. Stay away from all Russian involved banks or EMI (aka laundromats) unless your happy to deal with problems old)(#.
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Sorry to bring up an old thread, but Martin's statement is completely accurate!

Payeer has once again quit its license and gotten fined. This time - the biggest ever fine issued by the Lithuanian FCIS.

Payeer, UAB, the successor to Payeer OU (which renounced its license after threats of its revocation), has been fined over 9.2M EUR for the bypassing of Russian sanctions (including supporting Russian banks, Rubles, etc.), the non-reporting of suspicious transactions and transactions above 15K EUR, and improper verification of customers. According to the FCIS, all of these violations were deliberate and done in order to maximize the company's revenue. In fact, they state that this entity, operational only for about 16 months, had earned total revenues of over 160M EUR.

Payeer has now moved over to an unlicensed Paraguayan company.

 

[andorra]

Can you operate with paraguayan license?

 

[ilke]

andorra said:
Can you operate with paraguayan license?
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I think that the Paraguayan "license" is more like an Estonian activity license from before the FIU modifications.

Paraguay basically only requires the entity to conduct KYC/AML on the clients but there does not seem to be a licensing process for PSPs/money remittance providers as Payeer claims to be (it says they are regulated for Crypto Activities and Money Transfer Services by the Ministry of Economics and Finance of Paraguay). This ministry is generally in charge of corporate registration, so I think that they have just entered the applicable activity into the trade register, adhere (hopefully, probably not though) to SEPRELAD, and describe that as regulation/licensing.

 

[Houdini]

In Russia you can claim anything on your website and no one cares.