We previously informed in the news that it’s the last regular day of processing withdrawals from account balances.
This is a forced measure, which was applied by our team because of multiple information attacks on our business since 2017 , passiveness of regulator in assistance to payment business, ignorance of banks in providing access to bank facilities for FinTech companies, some changes in policy and terms of most European banks focused on cutting off companies owned by Eastern Europe citizens and very high financial and emotional losses, which were the result of these unhappy events of previous 2 years, which became survival years for our company.
Of course, further withdrawal of funds will not be impossible for the ones, who didn’t complete this process for any reason before February, 25 as we instructed over 2 weeks ago.
Unfortunately, this will be a subject for additional one-time fee up to 30% of the amount left on the balance. We provided sufficient amount of time to spend/withdraw available balance without any additional fees for storage of funds and we cannot continue covering all technical and financial infrastructure costs (accounting, legal compliance, support of tech. structure, salaries, payment infrastructure monthly fees and other) while having losses on all sides of our payment business since the end of 2017 for the reasons listed above and in previous news release.
According to our research, the group of FinTech companies from European Union submitted complaint to European Commission on Dutch and Polish banks even before we started experiencing problems. As a result, EC initiated investigation and this was reported in many mass media including BankingTech and Financial Times:
Unfortunately, it seems that even complaining on so high level didn’t become a result of changes to better.
At the moment we are looking for the ways of relocation of our payment business to a more FinTech-friendly country than Czech Republic. which revoked over 150 licenses from non-banking financial companies, and European Union with it’s current point of view regarding FinTech businesses and Eastern Europe. Our legal team is reviewing many options but even approximate time of such long process cannot be estimated on the first stages.
Further updates will be published on our official Twitter and in Facebook: