• MuchBetter, an electronic payment system, suspended services due to money laundering investigations of its card issuer.
• European customers reported unsuccessful attempts at cashing out funds, including through crypto withdrawals.
• Sanctions from the US Treasury Department on all MIR cards in 2022 punished Russia for invading neighboring Ukraine.
MuchBetter Halts Service
The award-winning crypto payment app MuchBetter suddenly stopped most provided services, enraging many European customers who are now unable to cash out their funds. This disruption of service includes: transfers to and from merchants worldwide, top-ups for EEA customers as well as suspending cards, fobs and wearables.
Investigations on Card Issuer
The Central Bank of Lithuania has suspended Payrnet UAB services as the registered company is suspected of „severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.“ Furthermore, UAB MIR Lithuania served Payrnet UAB as an intermediary for card payment services which have also been targeted with similar violations by the US Treasury Department.
MIR Cards Under Sanction
The wave of sanctions imposed by the US Treasury Department on all MIR cards in 2022 has made them virtually unusable outside countries facing major financial crises such as Venezuela, Belarus and Kyrgyzstan. Despite being translated as “Peace” and “World” in Russian, these cards are no longer welcomed in any other country.
European customers have voiced their discontent online after consecutive unsuccessful attempts at cashing out their funds with reversals occurring even when requesting a wire transfer or crypto withdrawal to Bitcoin (BTC), Litecoin (LTC) or XRP (XRP). As a result, users‘ money remains trapped on balance without any possible way of using it.
MuchBetter’s sudden halt of service has caused outrage among its European customers who are now unable to use their funds due to multiple investigations targeting its card issuer with sanctions imposed by the US Treasury Department on all MIR cards further restricting usage across Europe.