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WebMoney promised to find a way to stay in Russia

The WebMoney payment system does not intend to leave the Russian market after it had to stop conducting operations with ruble wallets due to the revocation of the license from the Conservative Commercial Bank. The company promised to find a way to stay in Russia and continue working.

40 percent of system users remain Russian residents. Currently, all WMP and WMR wallet operations are not available to them. WebMoney believes that such a situation is resolvable either within the same legal model of electronic money that has already been used, or on the basis of other solutions under Russian law.

The reason for the revocation of the license from both the bank and the NPO «ERP», which provided customer identification services to the system, was «increased risks of its involvement in servicing the shadow gambling business, illegal participants in the financial market.» In addition, the regulator emphasized that Conservative Commercial Bank was caught violating banking laws and regulations of the Central Bank.

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