Cyprus bailout impact Dear OKPAY customers, As you have probably already heard from the news, the Cypriot government is planning to introduce a one-time tax on all customers accounts held within Cypriot financial institutions. In order to secure the collection of this tax, many customers have had funds blocked on their Cyprus-based bank accounts. OKPAY Inc. officially declares that Cyprus bailout will have absolutely no effect on the funds held in our customers accounts, as these funds are kept outside Cyprus as well as OKPAY MasterCard® Card issued by our financial partner CSC24Seven Ltd. which is a Cyprus registered financial company regulated by the Central Bank of Cyprus. OKPAY Card holders will have probably noticed an unrecognised transaction applied to their cards during the weekend of 16th-17th March 2013. Temporarily applied limits of OKPAY Cards are: 250 EUR or the equivalent per day for ATM transactions; and 750 EUR per day for POS transactions. OKPAY Card issuer bank CSC24Seven Ltd. has applied these transactions under instruction from the government of Cyprus to ensure the collection of this tax from all account holders. While it is still unclear whether the tax will affect all account types or just savings accounts, bank accounts or specific other types of accounts remains to be confirmed but until the final decision is announced, the funds blocked on OKPAY Cards are under the control and disposal of the card issuing bank CSC24Seven Ltd. CSC24Seven Ltd. has assured us that in the event that e-money, which pre-paid card accounts are, granted exclusion from the bailout - the blocked funds will be released back to pre-paid card accounts immediately. We continue negotiation with CSC24Seven Ltd. while constantly monitoring the situation and endeavour to keep our customers updated on any further situation updates. You can find more information on the situation in Cyprus in our daily market reviews from Mayzus Investment Company Ltd. mayzus/en/market-reviews/marketreview-3444.html UPDATE: We are happy to inform you that the funds blocked on OKPAY Cards as well as limitations have been removed. Eventually the events on Cyprus did not cause any negative effect on our customers funds. Please feel free to use your OKPAY Card as usual. Thank you for support, We apologize for the inconvenience.
Posted on: Wed, 20 Nov 2013 22:22:43 +0000