Paysafe Shares in the Red after Spotlight Research Report Allegations
- Shares of Paysafe fell over 34% Tuesday after a document tied the group's operations to illegal gambling in China.
Paysafe Group plc (LON:PAYS), a UK 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 provider, has incurred a massive share price decline Tuesday, falling by as much as -34.0% during European trading. The primary impetus behind the decline was the release of a report, ‘Paysafe: Material Risks From Regulatory Enforcement Action’ by an organization known as Spotlight Research, ultimately sending shareprices reeling.
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The report, which can be viewed by accessing the following link, accuses Paysafe of engaging with nefarious clients, some of which that are operating or engaging in illegal gambling. The report by Spotlight also points to Paysafe’s Asian e-wallet operation Quick Access, which allegedly was running amidst regulatory concerns in China, prompting cries of Chinese capital control evasion.
Chinese Connection
The recent document also allegedly links a former Paysafe executive to illegal Chinese gambling rings. For its part, Paysafe has vehemently shot down the report as being either factually inaccurate or previously disclosed.
Shareholders however were undeterred as the stock (LON:PAYS) plunged to 250p during European trading. However, after bottoming out at this figure, prices of Paysafe (LON:PAYS) have since risen to 302p at the time of writing, still down -18.5% on the day.
Paysafe Group plc (LON:PAYS), a UK 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 provider, has incurred a massive share price decline Tuesday, falling by as much as -34.0% during European trading. The primary impetus behind the decline was the release of a report, ‘Paysafe: Material Risks From Regulatory Enforcement Action’ by an organization known as Spotlight Research, ultimately sending shareprices reeling.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong.
The report, which can be viewed by accessing the following link, accuses Paysafe of engaging with nefarious clients, some of which that are operating or engaging in illegal gambling. The report by Spotlight also points to Paysafe’s Asian e-wallet operation Quick Access, which allegedly was running amidst regulatory concerns in China, prompting cries of Chinese capital control evasion.
Chinese Connection
The recent document also allegedly links a former Paysafe executive to illegal Chinese gambling rings. For its part, Paysafe has vehemently shot down the report as being either factually inaccurate or previously disclosed.
Shareholders however were undeterred as the stock (LON:PAYS) plunged to 250p during European trading. However, after bottoming out at this figure, prices of Paysafe (LON:PAYS) have since risen to 302p at the time of writing, still down -18.5% on the day.