• Lithuanian financial watchdog has released a list of payment service providers to be investigated in 2023.
• Binance Visa card issuer, Contis, is one of the networks under investigation.
• Investigations into Contis Bank will be conducted in Q1 2023, which could affect services delivered by Binance exchange.
The Lithuanian financial watchdog recently released a detailed list of payment service providers to be investigated in 2023, causing uncertainties for some crypto networks. The list includes Revolut, Swedbank, UCCU, LTL Credit union, Finansines Paslaugos Contis, UAB Rebellion Fintech Services, UAB Guru Pay, and many more. Among the networks under investigation is Contis, a business partner with Binance exchange.
Contis Bank is being investigated for various issues, including security and ICT risk management issues, and violations of anti-money laundering and counter-terrorist financing provisions. The connection between Contis and Binance could have an impact on service delivery in the exchange, especially in the first quarter of 2023 when the investigations are expected to take place.
Binance has faced regulatory scrutiny from various regulatory bodies, including the U.S. Department of Justice. Last year, the exchange was fined for failing to register as a money service business in the United States. In addition, the platform was accused of involvement in the laundering of stolen funds. Binance is yet to comment on the current situation in Lithuania, but the connection between Contis and the exchange could result in further regulatory issues.
It remains to be seen how the investigations into Contis Bank will affect Binance exchange and other crypto networks. In the meantime, it is important for crypto users to be aware of the situation and take necessary precautions to protect their investments.