OKPay Halts Bitcoin Related Transfers

The payment processing world gets more news today as online transfer solutions provider OKPay announced on their site that “Dear

The payment processing world gets more news today as online transfer solutions provider OKPay announced on their site that “Dear customers, we are currently suspending bitcoin processing.” The news was followed by MtGox announcing today that “ Mt. Gox has recently been informed by OKPay, one of our longtime partners, that they are planning to stop performing wire transfers to and from all Bitcoin exchanges, including Mt. Gox. “ They added that there is no timetable yet when OKPay will completely halt payments.

The question is what caused OKPAY, a BVI based online payment solution provider that offers solutions for ecommerce businesses to do a u-turn when it comes to bitcoin.  Beyond being a payment provider that was working with different exchanges, they added the ability to fund accounts with bitcoins in March 2012, so they were in-tuned to bitcoins potential much earlier than much of the public.  r thinking is that because OKPay isn’t immediately halting transfers, we assume the current situation isn’t similar to when Dwolla was contacted by the DHS to halt payments to MtGox’s US account. Therefore, in light of developments with Liberty Reserve, along with what happened between Dwolla and MtGox, our assumption is that this is a defensive move being made by OKPay.

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MtGox summed up the situation very well by stating “Mt. Gox wishes the best to OKPay, and we look forward to working together more closely in the future. The Bitcoin economy is going through many changes recently, and we are positive that they will ultimately work themselves out in the best interests of the community and the World”

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