Zolota Korona began scaling back its operations in Europe following EU sanctions
The European division of the “Golden Crown” payment service—Koronapay Europe Limited—has initiated the process of voluntarily surrendering its license. New transfers to Europe are no longer available, while customers can retrieve funds from previously sent transactions via the Korona mobile app.
The decision was a result of European Union sanctions against the Payment Center, which serves as the operator and clearinghouse for the “Golden Crown” system. The restrictions have significantly hampered the service’s operations in Europe and forced it to gradually reduce the list of available countries.
First, Georgia, Belarus, and Kazakhstan were removed from the list of destinations, followed by Azerbaijan. Currently, transfers from Russia via the system are available only to Kyrgyzstan, Turkey, and Uzbekistan.
Thus, the EU’s sanctions pressure has effectively led to the winding down of “Golden Crown’s” European presence. The initiation of the license revocation procedure means further restrictions on the service’s ability to operate in the European market.
Against the backdrop of the Russian payment system scaling back its operations in Europe, the situation in the Ukrainian market for non-bank payment services is drawing particular attention.
Earlier, the National Bank of Ukraine imposed fines totaling 135 million hryvnia on the payment companies EasyPay and City24. The investigative materials we reviewed cast doubt on the validity of these decisions and raise questions about the regulator’s approach to overseeing private payment systems.
At the same time, the materials emphasize that City24 and the “Askania” group are not parties to any criminal proceedings related to the businessman in question, and, according to the investigation’s authors, the regulator has not provided clear evidence of their illegal coordination.
For more details on the two NBU fines totaling 135 million hryvnias and the circumstances surrounding EasyPay and City24, see our investigation: “A Personal Decision by NBU Governor Pyshnyy: A Record-Breaking Fine for EasyPay and City24 Totaling 135 million UAH.”
Previously, we reported that WayForPay commissioned an information campaign against the NBU, EasyPay, IBOX BANK, and City24.
