The Bank of Russia revoked the license of the settlement bank of the WebMoney payment system, after which the company was forced to suspend all operations with ruble wallets. The regulator explains the revocation of the license by the increased risks of involving the "Conservative Commercial Bank" in servicing the "shadow" gambling business. The international payment system WebMoney has suspended all operations with ruble wallets (WMP and WMR). “The electronic funds of the System participants frozen in JSC Bank KKB will be paid out to their owners. The procedure for the return of funds will be announced later, ”the company’s website says.

The Bank of Russia previously revoked the license from the Conservative Commercial Bank, which was the settlement bank of the payment system. A temporary administration has been appointed there.

“We regret that such an unfriendly step on the part of the Central Bank of Russia made it inaccessible to work with ruble wallets for millions of WebMoney users. The system will make all available legal and financial efforts to promptly compensate for the cost of blocked instruments,” WebMoney promised.

Back to news | Restrictive measures were applied to the bank more than once, including the ability to conduct a number of transactions. “The activities of the credit institution were characterized by increased risks of its involvement in servicing the “shadow” gambling business, illegal participants in the financial market,” the Central Bank noted.

KKB did not actually work as a bank, but specialized in e-commerce services, the regulator stressed.

WebMoney rejects the claims of the Central Bank.

“The texts of far-fetched instructions that are not related to the actual activities of the credit institution at our disposal look like just a formal observance of the procedure for revoking the Bank’s license,” the press service of the payment system said in a statement.

In terms of assets, the bank ranked 164th in the Russian banking system. At the end of 2021, KKB received 3.1 million rubles. net profit (SPARK statistics). The Deposit Insurance Agency will start making payments to depositors no later than February 25th. The total amount of insurance liability amounted to 92 million rubles.

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Ban for half a year

In December, the Russian authorities ordered Webmoney to completely stop all operations of replenishment and transfer of electronic money. Russian users only have the opportunity to pay fines and taxes through this system and withdraw money to bank accounts, but only through the fast payment system.

The restriction was introduced for a period of six months, until June 2022. Webmoney considered the reason for the ban "formal". “We don’t have any violations related to the withdrawal of capital, payments on illegal sites and the lack of combating unfair use [of the service]. In this regard, this instruction of the Central Bank came as a surprise to us, ”the company said then.

Webmoney has not yet announced whether they will be looking for a new banking partner. The payment system has been operating in Russia since 1998.

Anonymous money

In August 2020, it was forbidden in Russia to replenish electronic wallets anonymously, including in the WebMoney system. The relevant law was passed to ensure that online wallets are not used for the purpose of financing terrorism or drug trafficking. Later, this ban was decided to be postponed until April 1, 2021 due to the coronavirus pandemic, and last spring the amendments came into force.

To transfer money, the sender needs to identify himself using a bank account.

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