The FTX contagion is continuing to expand, with news emerging of its ties with payment system Omipay’s partner in China. Omipay is an Australian payment processor that focuses on offering payments to and from China. The company’s associate company Monix, was recently reported to have offered FTX clients a way to deposit Australian Dollars into their accounts prior to the downfall of FTX, which is currently being investigated for fraudulent activities.
Omipay also works with authorized representatives like Bano which provide other payment services, and it operates the payment platform Monix/Monixfin. Protos previously reported that the embattled crypto exchange used Monix to access banking services in Australia.
What is Monix/Omipay
Omipay is a highly renowned payment processor in China, playing the role of WeChat Pay’s premier international transfer partner. They boast that their transaction processing system is far simpler than those of their opponents.
Monix enabled FTX users to deposit Australian Dollars quickly, leading to Global Remit providing excellent feedback on their platform; highlighting the ability of Monix to swiftly gain access to local banking infrastructures across many nations. The testimonial lauds the fact that their “worldwide, bona fide bank accounts have increased customer loyalty.”
FTX-related firms under the microscope
The regulators have now directed their focus toward other firms linked to the exchange upon hearing about the association between FTX and Monix. Cuscal, an Australian bank, was acknowledged as one of FTX’s banking allies in its insolvency documentation.
Over the years, Cuscal has been embroiled in various controversies, ranging from its involvement with Wirecard merchant terminals and branded prepaid cards to other issues. Wirecard used to perform the same duties that Omipay does presently, both being Tencent’s international remittance delegates for WeChat Pay.
The alleged connections between FTX, Omipay and Cuscal are thoroughly investigated by the regulators in order to determine exact the amount of funds they are responsible for. This may help shed light on the actual circumstances of FTX’s downfall and how exactly these payment processors were involved in the whole debacle.
It is worth noting that the Singapore authorities have launched an investigation into FTX in the meantime. Additionally, all other services associated with the exchange are on the watch list of the regulators, who are monitoring their activities closely. FTX has yet to make a statement regarding any of these allegations and investigations.
Source: https://www.cryptopolitan.com/ftx-used-wirecard-partner-process-payments/