PayRate42 News logo

The Payabl Court Case

Payabl is a high-risk payment processor founded by former Wirecard executives Ruediger Trautmann and Dietmar Knoechelmann in 2011. At that time, the company still operated as PowerCash21. Payabl is the payment processor for the operators of porn sites like xHamsterLive or StripChat. Most recently, Payabl obtained an injunction in Cyprus to stop the financial intelligence service FinTelegram from reporting on Payabl. This will be an exciting lawsuit.
Payabl42 high-risk payment network

The Payabl high-risk payment scheme has legal entities in Cyprus, Germany, Holland, and the United Kingdom.

 

The Payabl high-risk payment scheme has legal entities in Cyprus, Germany, Holland, and the United Kingdom.

 

The lawsuit against FinTelegram was brought by Payabl.CY Limited, a payment institution regulated in Cyprus by the Central Bank of Cyprus. To obtain the preliminary injunction, Payabl had to deposit a security deposit of €200,000.

 

Payabl claims that the FinTelegram reports were defamatory. Neither would Payabl have anything to do with Wirecard nor would Payabl work as a high-risk payment processor for the porn or gambling industry. The lawsuit claims that problems with the banks arose because of the reporting on FinTelegram.

We will follow up and report on the court case.

Share Information With PayNews42

Share:

More Posts

CyberRating Agency PayRate42 announced new compliance criteria for crypto firms

Attention: New Crypto Regulations Prompt New Compliance Criteria At PayRate42!

Cryptocurrencies have been gaining popularity in recent years, with many investors and businesses turning to them as a means of payment and investment. However, with the rise in use of cryptocurrencies, there has also been an increase in regulatory scrutiny. Recently, new crypto regulations have been introduced, prompting CyberRating agency PayRate42 to implement new compliance criteria.

Wise with impressive performance and confirmed Green Compliance rating

FinTech Wise with impressive performance! PayRate42 confirms Green Compliance rating!

PayRate42, the leading cyber rating agency, has recently updated the profile of UK-based fintech giant Wise, reaffirming its “Green Compliance” rating. This update follows Wise’s impressive half-year financial results, showcasing a substantial increase in profits and revenue, driven by favorable interest rates and a surge in customer engagement.

Dutch crypto exchange Bitvavo receives regulatory approval

Dutch Crypto Exchange Bitvavo Received Approval Of Austrian Regulator FMA!

Many experts and investors are preparing for the next crypto bull run expected before the halving in Q2 2024. The approval of US crypto ETFs is also expected, which should pump a lot of money into the crypto segment. Just in time for the expected take-off, the Dutch Bitvavo has received another regulatory license in Austria.

Update on payment processor NomuPay

Update On Payment Processor NomuPay

NomuPay is certainly one of the most interesting high-risk payment processors in Europe. Not because of its technology or its business, but because it has taken over important parts of the Wirecard business and allegedly also parts of the now closed Payvision. Here is an update.