ePayments will be closed as the FCA’s anti-money laundering rules are tightened.

Electronic payment provider ePayments is putting the final nail in the coffin. ePayments issued email notices to customers on Tuesday, saying it would be closing its business due to local regulations.

The financial services provider was one of the largest electronic payment providers in the UK. However, almost three years ago, it was ordered to cease operations by the UK’s Financial Conduct Authority (FCA) due to weaknesses in its “financial crime controls”.

At the time of the initial suspension, ePayments was estimated to have held $149 million, or 127.5 million British pounds, in customer funds, which were temporarily unavailable.

After years of restructuring efforts, the company attributed the latest closure to “extremely challenging and unprecedented global economic conditions”, years of stagnant operations and an inability to satisfactorily meet FCA requirements.

It says funds are safe and encourages former customers to withdraw money in eWallets and stand by for refund information. Users on Twitter reacted to the update with a mixture of relief and frustration, with one user saying he has money stuck in ePayments since 2020:

While another He tweeted. The money is still not available to the company.

This development comes as UK financial regulators tighten their grip on the industry. FCA hired around 500 new staff last year as part of its new three-year strategy.

One of the filled positions includes the newly created Director of Payments and Digital Assets, which oversees issues such as e-money, payment and crypto-asset markets. The position is filled by the Director General of the National Economic Crime Command.

Related: The FCA highlights its limited role as unregistered businesses continue to operate

While some regulators in the country believe that the UK is powerless to send mixed signals about its stance on digital assets and payment services, it still appears to be the case.

Newly appointed finance minister Kwasi Kwarteng, who recently banned crypto-related advertising content on Instagram, did not address the issue of crypto regulations and ad regulators.

On the other hand, the economy secretary said on September 7 that he wants to make the UK a top choice for innovators under the new prime minister.