• MuchBetter, an award-winning crypto payment app, has suspended all transactions and European customers have reported continuous reversals on bank withdrawals due to an investigation of money laundering.
• The disruption of service includes transfers to and from merchants worldwide, top-ups are not available for EEA customers, and cards, fobs, and wearables are suspended.
• This issue was caused by the Central Bank of Lithuania suspending Payrnet UAB services due to „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing,“ as well as US Treasury Department sanctions on MIR Cards due to Russia’s invasion of Ukraine.
MuchBetter Crypto Card Suspended
MuchBetter, an award-winning crypto payment app, has suddenly stopped most provided services. European customers report continuous reversals on bank withdrawals due to an investigation for money laundering. The disruption of service includes: All transfers to and from merchants worldwide; Top-ups are not available for EEA customers; Cards, fobs, and wearables are suspended.
Investigation into Money Laundering
The issue was caused by the Central Bank of Lithuania suspending Payrnet UAB services due to „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.“ Moreover, UAB MIR Lithuania served Payrnet UAB as an intermediary for card payment services so both companies were targeted with similar violations.
US Sanctions on MIR Cards
The US Treasury Department imposed strict sanctions on foreign banks if they formed business partnerships with providers of MIR Cards—a state-subsidized payment system fully owned by the Russian government—due to Russia’s invasion in Ukraine in 2022. As a result all credit or debit cards with the Russian payment giant logo were rejected in the European economic area as well as countries going through major financial crises such as Venezuela, Belarus or Kyrgyzstan.
European customers are outraged after consecutive unsuccessful attempts at cashing out their funds trapping users‘ money on balance without any possible way of actually using it. Customers took to Twitter to express their frustration with MuchBetter’s sudden suspension.
MuchBetter’s service disruption enraged many European customers who had no way cashing out their funds or using them in any way which left them feeling frustrated towards MuchBetter’s sudden suspension. The US Treasury Department imposed sanctions on MIR Cards which led to this issue leaving people unable use those cards anymore in many countries including those in Europe or undergoing major financial crisis such as Venezuela or Belarus..