After serious violations were found, the activities of the company Payrnet were restricted
Before the Bank of Lithuania completed the inspection of e-money institution Payrnet, according to a press release, there are suspicions that the companies grossly and systematically violate the Law on Prevention of Money Laundering and Terrorist Financing.
After considering the nature of the possible violations, the Central Bank turned to the court and, after receiving its approval, temporarily obliged the institution "Payrnet", until an inspection is carried out and a decision is made by the Bank of Lithuania on the suspect violation, not to enter into business relations with new customers, as well as with intermediaries and persons who distribute and/or redeem electronic money of this institution. It was also ordered to stop providing services through the intermediary company MIR LITHUANIA.
Since MuchBetter and MIR LITHUANIA have cooperated, this connection has now also been established.
For us this means that MuchBetter is not bankrupt per se, but currently unable to act.
T0uchTheSky wrote on 16.02.2023 at 18:29: Does MuchBetter even have a license from BaFin? If so, then is not customer funds secured up to 100 000 euros,?
i do not know I only know that the also pay out in crypto or on the bank account but goes yes garnix ! waiting for crypto Deposit now 7days 18std!
Julien0520 wrote on 02/16/2023 at 18:30:
Did some more deeper research in Lithuanian news:
After finding serious violations, the activities of the company Payrnet were restricted
Before the Bank of Lithuania completed the inspection of the e-money institution Payrnet, according to a press release, there are suspicions that the companies grossly and systematically violate the Law on Prevention of Money Laundering and Terrorist Financing.
After considering the nature of the possible violations, the Central Bank turned to the court and, after receiving its approval, temporarily obliged the institution "Payrnet", until an inspection is carried out and a decision is made by the Bank of Lithuania on the suspect violation, not to enter into business relations with new customers, as well as with intermediaries and persons who distribute and/or redeem electronic money of this institution. It was also ordered to stop providing services through the intermediary company MIR LITHUANIA.
Since MuchBetter and MIR LITHUANIA have cooperated, this connection has now also been established.
For us this means that MuchBetter is not bankrupt per se, but currently unable to act.
T0uchTheSky wrote on 16.02.2023 at 18:29: Does MuchBetter even have a license from BaFin? If so, then isn't client money protected up to 100 000 euros,?
Good question, I will find out soon when BaFin answers. Since MuchBetter is not a bank per se, they probably don't have a license either.
T0uchTheSky wrote on 16.02.2023 at 18:29: Does MuchBetter even have a license from BaFin? If so, then is not customer funds up to 100 000 euros secured,?
The had at least once when they were still in England because I found something about it
You have to wait now, it takes at least 2 months if anything is paid out at all
Source?
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MuchBetter service interruption
17th Feb. 2023, at 08:48 am CET#298
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hustlehoff wrote on 02/17/2023 at 06:57 AM:
Source?
Doesn't give one but if the store is just turned inside out, it won't be done tomorrow. And if he needs the money to live, he should be prepared for it
Doesn't give any but if the store is just turned inside out, it won't be done tomorrow. And if he needs the money to live, he should be prepared for it
But this money should never be counted in the Hauhsltskasse....
So with me does nothing Auszahlungsmässig even the support now no longer responds... I write me the mental times off and if it should still come one is even more pleased ...
Railsr has an e-money institution namnes PayRnet in Lithuania. PayRnet = licensor of MIR UAB Lithuania.
MIR UAB Lithuania = MuchBetter Europe
PayRnet license has been restricted.
Bank of Lithuania statement (see their website) states that PayRnet was ordered, among other things, to immediately terminate its cooperation with MIR UAB Lithuania (MuchBetter).
Reasons? - bit nebulous, but the statements above speak for themselves....
So MB no longer has a license in Europe. This is the state of affairs.
MuchBetter service interruption
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I did some more research in Lithuanian news:
After serious violations were found, the activities of the company Payrnet were restricted
Before the Bank of Lithuania completed the inspection of e-money institution Payrnet, according to a press release, there are suspicions that the companies grossly and systematically violate the Law on Prevention of Money Laundering and Terrorist Financing.
After considering the nature of the possible violations, the Central Bank turned to the court and, after receiving its approval, temporarily obliged the institution "Payrnet", until an inspection is carried out and a decision is made by the Bank of Lithuania on the suspect violation, not to enter into business relations with new customers, as well as with intermediaries and persons who distribute and/or redeem electronic money of this institution. It was also ordered to stop providing services through the intermediary company MIR LITHUANIA.
Since MuchBetter and MIR LITHUANIA have cooperated, this connection has now also been established.
For us this means that MuchBetter is not bankrupt per se, but currently unable to act.
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MuchBetter service interruption
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i do not know I only know that the also pay out in crypto or on the bank account but goes yes garnix ! waiting for crypto Deposit now 7days 18std!
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so it can be that we still get this sometime
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Liked this post: Anonym,
Falko, 
Max_Bet
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i agree with you! let's wait and see!
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Good question, I will find out soon when BaFin answers. Since MuchBetter is not a bank per se, they probably don't have a license either.
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The had at least once when they were still in England because I found something about it
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MuchBetter service interruption
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You have to wait now, it takes at least 2 months if anything is paid out at all
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Source?
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Doesn't give one but if the store is just turned inside out, it won't be done tomorrow. And if he needs the money to live, he should be prepared for it
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MuchBetter service interruption
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But this money should never be counted in the Hauhsltskasse....
So with me does nothing Auszahlungsmässig even the support now no longer responds... I write me the mental times off and if it should still come one is even more pleased ...
This post has been translated automatically
MuchBetter service interruption
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Source: Telegraph.co.uk, Website, Article dated 16.02.2023.
In simple terms:
Railsr has an e-money institution namnes PayRnet in Lithuania. PayRnet = licensor of MIR UAB Lithuania.
MIR UAB Lithuania = MuchBetter Europe
PayRnet license has been restricted.
Bank of Lithuania statement (see their website) states that PayRnet was ordered, among other things, to immediately terminate its cooperation with MIR UAB Lithuania (MuchBetter).
Reasons? - bit nebulous, but the statements above speak for themselves....
So MB no longer has a license in Europe. This is the state of affairs.
Edit from Caro: Link from article added
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