Technocash Closing Under Liberty Reserve Damage

Two weeks ago we posted about payment platform provider, Technocash, which had been linked to the multi-government seizure and investigation of Liberty Reserve. At the time, after contacting Technocash, the company explained to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates that the company” does not have any anonymous transactions or unverified customers. In accordance with its Australian licence requirements, all Technocash account holders are verified with multi-step procedures to access the full Technocash system.” They added that “Technocash has been assisting authorities in their investigation.” They concluded their letter to us that “Importantly Technocash continues to provide services to its global customers.” This though has changed.

Following the investigation, Technocash has decided to close down its business due to having their accounts closed by local banks. In a letter to clients, the firm stated that “Unfortunately, Technocash has been caught up in the US government’s action against Liberty Reserve and has suffered collateral damage. We had been open until now providing services for our clients but clearly this is no longer viable because our Australian banks have been closing our accounts so we can no longer operate. Technocash has complied with Australia’s comprehensive AML regime, verified customers and has an AFS licence since 2003.”

Technocash’s business model was based on the company acting as a financial intermediary for its clients. Customers create accounts with Technocash, which were funded by depositing directly to Technocash’s Australian based bank account. Once funded, Technocash provided cheap multi-currency transfers between account holders. In a conversation with the company late last year, it was explained to Forex Magnates that they were seeing demand for their product from brokers as it offered a cost efficient solution for facilitating account deposits. In addition, a representative from Technocash described how cross border companies were using Technocash to handle multi-currency transfers between subsidiaries. Forex brokers using Technocash include FXOpen, Pacific Financial Derivatives, FXPRIMUS, and FXPIG.

In their letter to clients, Technocash explained that they are in negotiations with a Singapore based company who had contacted the firm before the Liberty Reserve events in relation to acquiring their 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 platform. As a result of the current events, Technocash announced that “shortly, a new payments processor will be created, building upon the exceptional features you are familiar with, and all of this will continue to be supported with the expertise of the seasoned staff members. The core technology that made Technocash such an efficient mover of money internationally will be utilised on a global scale. “

Currently, Technocash is winding down its operations and stated that it is in the process of returning client deposits. Forex Magnates reached out to the firm for more information about the client withdrawal process as well as the timeline for the Singapore venture and will update as we receive more information.