MuchBetter Crypto Card Suspended: Customers Outraged as Withdrawals Bounce Back
• MuchBetter, an electronic payment system, halted all transactions in Europe leaving customers outraged.
• The disruption of service comes after the Central Bank of Lithuania suspended Payrnet UAB services for suspected money laundering violations.
• All MIR cards have been rejected throughout the European economic area due to sanctions from the US Treasury Department on Russia for invading Ukraine.
MuchBetter Crypto Card Suspended
MuchBetter, the electronic payment system, suddenly stopped most provided services in Europe leaving customers enraged on Twitter after consecutive unsuccessful attempts at cashing out their funds. This included transfers to and from merchants worldwide as well as top-ups not available for EEA customers. Cards, fobs and wearables were also suspended.
Investigation into Money Laundering
The disruption of service at MuchBetter comes just days after the Central bank of Lithuania suspended Payrnet UAB services as they are suspected of „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing“. Additionally, UAB MIR Lithuania served Payrnet UAB as an intermediary for card payment services with similar violations.
US Treasury Sanctions Russian Payment System
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. As a result, all credit and debit cards with this logo have been rejected not only in the European economic area but also countries going through financial crises such as Venezuela, Belarus and Kyrgyzstan.
Customers Outraged Over Service Disruption
Customers are fuming on Twitter over their inability to cash out funds when requesting a wire transfer or attempting crypto withdrawals to Bitcoin (BTC), Litecoin (LTC) or XRP (XRP). These reversals are trapping users‘ money on balance without any possible way of actually using it causing outrage among consumers who use these services regularly.
Conclusion
In conclusion, MuchBetter’s sudden service disruption has left customers furious over their inability to withdraw funds due to investigations into money laundering by both Payrnet UAB and MIR Lithuania resulting in US Treasury sanctions against Russia’s MIR Cards which has caused them to be rejected throughout Europe and other countries experiencing financial crisis‘.
