WebMoney Ukraine Resumes Operation as Customer Funds Unfrozen

WebMoney UA, the Ukrainian arm of alternative payment provider, WebMoney, has announced that customer funds held at the company’s banking partner have been unfrozen. Approximately $6.15 million in funds had been frozen by the Ministry of Income and Taxes following a June 2013 government raid into the company’s office. The raid was based on allegations that the firm wasn’t reporting correctly to the county’s central bank, Bank of Ukraine.

With the news, WebMoney stated that it will be resuming operatings that have been halted since June of last year. Within their announcement, WebMoney UA also continued to claim is innocence, by stating that it was near finalizing the legal battle of “fabricated” claims against them. The wording was similar to a statement from WebMoney last year where they stated that claims “that the WebMoney system is used for tax evasion, is absurd”.

Among alternative payment products being used for online purchases, WebMoney among the more popular products being used in Russia and CIS nations. Similar to the now defunct Liberty Reserve, WebMoney is a centrally backed form of digital currency, with fiat money converted into WebMoney accounts. WebMoney accounts, also called purses are available in numerous currencies including dollars, rubles, and bitcoins. The payment system partners with financial institutions in various countries who guarantee customer deposits and back the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term of WebMoney to fiat.

In the case of WebMoney UA, funds were frozen at the company’s guarantee bank. During the entire period of government seizure on customer funds, only the UA unit was targeted, with operations at the main Russian entity remaining untouched by local authorities. However, as an operator of an alternative form of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, WebMoney’s name sprung up in recent industry conversations following the Central Bank of Russia’s (CBR) announcement against bitcoins and other forms of virtual currencies. In discussions with local firms operating in the online space, it was related to DC Magnates, that WebMoney operates in what they considered a ‘gray zone’ and didn’t fall under the CBR’s warning.