Interesting! Exploding Russian traffic on website of FCA-regulated MuchBetter!

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The Western Alliance sanctions against the financial system of Russia as a result of the Ukraine invasion have been in effect since the beginning of March 2022. Visa and MasterCard have also withdrawn from the Russian market. It is no longer easy for Russian citizens to make remittances abroad. Interestingly, in parallel with these sanctions, a surge in Russian traffic shows up at regulated FinTechs and high-risk payment processors like MIR Limited UK Ltd d/b/a MuchBetter.

The Similarweb statistics show how the Russian traffic arriving at the website of MuchBetter, an FCA-regulated high-risk payment processor and e-Money Institute, exploded. The share of Russian traffic until the end of February 2022 increased by more than 61% following the beginning of the Russian invasion of Ukraine in late February 2022. As of the end of February, Russian traffic has accounted for more than 13% of MuchBetter‘s total traffic. Insiders have told us that the share of traffic from Russia to the MuchBetter website will exceed 25%.

Read more about MuchBetter and its shadow banking system.

We will extend our analysis to other high-risk payment processors in the coming weeks and report regularly. Tendentially, we expect that regulated high-risk institutions like MuchBetter are currently doing good business with transactions from the East.

We would like to know more about the business development of high-risk payment processors with Russia. If you have any inside information, please share it with us via our whistleblower system, Whistle42.

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