{"id":80656,"date":"2023-06-23T11:20:01","date_gmt":"2023-06-23T08:20:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80656"},"modified":"2025-09-11T18:17:06","modified_gmt":"2025-09-11T15:17:06","slug":"cryptopay-card-provider-loses-eu-license","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cryptopay-card-provider-loses-eu-license\/","title":{"rendered":"Cryptopay Card Provider Loses EU License"},"content":{"rendered":"

The Bank of Lithuania revoked<\/a> the Electronic Money Institution license from the EU-based debit card provider for the Cryptopay service \u2014 UAB Payrnet.<\/p>\n

The regulator acted due to “serious, systematic and repeated breaches of regulatory norms.” In particular, UAB Payrnet failed to comply with anti-money laundering and counter-terrorist financing requirements and violated international sanctions.<\/p>\n

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“The company did not possess all data on the number of customers using its services, did not control data on end-user payment transactions and did not have the ability to determine the exact amount of their funds,” the central bank said.<\/p>\n<\/blockquote>\n

The Bank of Lithuania also logged around 50 complaints against UAB Payrnet. It unilaterally terminated contracts with customers without notice and did not return the funds remaining in their accounts.<\/p>\n

The representatives of Cryptopay in conversation with Cointelegraph<\/a> assured users that assets in the app are safe. The licensing issue affects only the service’s debit cards, so the company recommended spending or transferring funds “as soon as possible”.<\/p>\n

Cryptopay also clarified: if a customer’s card stops working, they will still be refunded directly through UAB PayrNet.<\/p>\n

The issue primarily concerns EU users, though temporary disruptions could also affect the UK, as the company has suspended card services to maintain operational stability.<\/p>\n

\n

“This October marks ten years for us; we have seen worse times. Cryptopay has faced similar situations in the past. Back in 2018, when Mastercard and Visa disabled<\/a> almost all existing cryptocurrency card programs, and in 2020, when the Wirecard scandal<\/a> erupted on the market. We are confident that we will overcome this and continue to operate,” said Cryptopay’s Head of Support Konstantin Gorin.<\/p>\n<\/blockquote>\n

He added that the team is already working on a new debit program, but first will prioritise helping affected customers.<\/p>\n

Many trading platforms already offer their own crypto cards, including Blockchain.com, Huobi<\/a>, Bybit<\/a> and BitOasis<\/a> and Gate.io<\/a>.<\/p>\n

In June, regulators in Thailand revoked Huobi’s license<\/a>, as the exchange did not bring its staffing structure and internal systems into compliance with regulatory requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Lithuania revoked the Electronic Money Institution license from the EU-based debit card provider for the Cryptopay service \u2014 UAB Payrnet.<\/p>\n","protected":false},"author":1,"featured_media":80657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,733,36],"class_list":["post-80656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-europe","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"61","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80656"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80656\/revisions"}],"predecessor-version":[{"id":80658,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80656\/revisions\/80658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80657"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}