⛔️ Brazil🇧🇷: Central Bank orders the out-of-court liquidation of fintech MW Pay

⛔️ Brazil🇧🇷: Central Bank orders the out-of-court liquidation of fintech MW Pay

The decision was prompted by violations of the rules governing institutions that are part of the Brazilian Payment System (SPB). The regulator did not specify which violations had been identified, but emphasized that the investigation is ongoing.

📑 Who is MW Pay ❓ — MW Instituição de Pagamento Ltda. specializes in providing payment infrastructure through APIs. Founded in February 2024, it is headquartered in Joinville, in the state of Santa Catarina. Among other activities, it operated as an authorized electronic money issuer, with direct access to the Pix payment system and the SPI/DICT infrastructure. One notable detail: before betting activities were banned, MW Pay also operated in that sector.

📑 Asset freeze: since October 29, following the liquidation announcement, the assets of the company's controlling persons and former executives have been frozen.

📑 Company response: at the time the original article was published, MW Pay had not issued any statement regarding the Central Bank's decision.

📑 Context: since the beginning of the year, Brazil's Central Bank has ordered the out-of-court liquidation of 20 financial institutions. In addition to entities linked to the Banco Master scandal, the list includes FX brokers and other high-risk participants in the financial sector.

#news #financialnews #Brazil #gambling

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