The Bank of Lithuania said on Friday it has restricted the activities of Foxpay, a financial technology company under the scrutiny of law enforcement authorities, and appointed Grant Thornton Baltic as a temporary representative to supervise its operations.
The move was due to a threat to the safe and sound activities of Foxpay and users’ interests, the Bank of Lithuania said after completing an inspection of the company.
“The temporary representative does not take over the management of the institution; its appointment does not affect clients or their ability to use services,” the central bank said in a statement.
“Foxpay will be able to continue its activities to the extent not constrained by the obligations imposed by the Bank of Lithuania,” it said.
The central bank also instructed Foxpay not to enter into new business relationships or provide financial services to clients related to Ieva Trinkunaite, the institution’s main shareholder, and to clients with a higher risk of money laundering and terrorist financing, and those providing investment (Forex and Contract for Difference), gambling, information technology, marketing, and virtual currency services.
“This means that any decision by the institution’s management related to Foxpay’s activities can only be taken with the consent of the temporary representative, and the Bank of Lithuania will be continuously updated on Foxpay’s activities,” according to the statement.
Source: BNS
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