KoronaPay money transfer service banned cryptocurrency transactions

The company will report any suspicious activity to the relevant authorities

01.02.2022 - 14:05

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What’s new? KoronaPay, a money transfer service, has banned transactions related to cryptocurrencies. The platform has implemented a special AI-based tool to monitor and block transactions. This is reported by Finextra, citing the company’s statement.

Material on the Finextra website

How did the CEO of the company explain this decision? According to Gleb Kozlov, CEO at KoronaPay Europe, the platform has a zero tolerance policy for transactions involving digital assets. He added that the service will report any suspicious activity to the relevant authorities.

Kozlov stressed that the company is particularly concerned about the emergence of fraudulent exchanges that operate under the guise of well-known financial institutions and payment systems. He specified that KoronaPay suffered reputational losses since a number of crypto exchanges, whose clients could have become victims of fraudsters, used the company’s logo on their websites.

What is known about KoronaPay? It is a division of the Zolotaya Korona payment system, the largest money transfer service in Russia, and the CIS countries. Under the KoronaPay brand, the company operates in the European market.

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