• MuchBetter, an award-winning crypto payment app, suspended all transactions and services due to money laundering investigations.
• Customers from European Union countries reported unsuccessful attempts at cashing out their funds – reversals on bank withdrawals and crypto withdrawals.
• The disruption of service was caused by the Central Bank of Lithuania suspending Payrnet UAB services, and US Treasury Department threatening foreign banks with sanctions for forming partnerships with MIR Cards.
MuchBetter Crypto Card Suspended
MuchBetter, the electronic payment system, suddenly stopped most provided services due to money laundering investigations by its card issuer. European customers are unable to cash out their funds via wire transfer or crypto withdrawal.
Investigations into Money Laundering
The disruption of service at MuchBetter comes after the Central bank of Lithuania suspended Payrnet UAB services due to severe violations of anti-money laundering regulations. Additionally, US Treasury Department threatened foreign banks with sanctions if they formed partnerships with MIR Cards (a state-subsidized payment system owned by Russia).
Unwanted Russian Cards Rejected
Sanctions imposed on MIR cards in 2022 punished Russia for invading Ukraine; as a result, credit/debit cards featuring the Russian payment giant logo were rejected in the European economic area. These cards are now only used in countries facing financial crises such as Venezuela, Belarus and Kyrgyzstan.
The suspension of services has enraged many European customers who have taken to Twitter to express their frustration with unsuccessful attempts at cashing out their funds.
All transfers to/from merchants worldwide have been halted as well as top-ups for EEA customers which includes cards, fobs and wearables that are suspended until further notice. MuchBetter’s card issuer is under investigation for possible money laundering activities causing customers frustration and inconvenience with no way to use their funds currently available.