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Thread: Satabank frozen

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    Triple7 is offline Private Member
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    Default Satabank frozen

    Clients of Satabank are only being allowed viewing rights to their accounts, and have no direct access to any of their funds, or services provided by the bank, gaming company director Alan Attard told The Malta Independent.
    The Paceville Satabank branch was closed on Monday for “internal staff meetings”, a note on the front door of the bank said. A crowd of people gathered outside the front doors demanding answers and access to their accounts, but they were not let inside.

    http://www.independent.com.mt/articl...der-6736198287

    https://www.timesofmalta.com/article...ccounts.692076

    https://www.timesofmalta.com/article...-client.692404

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    Default

    MFSA allows now controlled withdrawals, that means withdrawals to a bank account within the EU on the same name as the SATA Bank account.

    I think at some programs we can expect delays in payments.

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    The owner behind it is Christo Georgiev; the guy who started iCard and myPOS.

    Its problems start occurring when it went soft on smuggling rings, bitcoin scammers etc.

    But, it was known to have lax rules around AML.

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    Malikbhai is offline Public Member
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    iGaming companies can get a temporary injunction to suspend the ruling of the MFSA. This is what I'd do if millions were frozen. Filing a petition is not that hard.

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    Most businesses have no idea how to use the court system to their favor. The law firms they hire are horrendous; and only good at sending out letters.

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    Crypto mass adoption couldn't come any sooner imho.
    Sweet Bet - Reviews of reputable online casinos, poker sites, sportsbooks & bingo halls
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    Quote Originally Posted by sweetbet View Post
    Crypto mass adoption couldn't come any sooner imho.

    It will. The question is whether or not it will be used against us when it does...

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    I think it will be a matter of time before Satabank will default. What will happen now is some kind of controlled bank run. Satabank can never function normally anymore. As soon as restrictions are lifted, people will withdraw their money. If there's something left.

    https://lovinmalta.com/news/mfsa-kee...rozen-deposits

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    https://lovinmalta.com/news/satabank...-to-quit-malta

    Nor do I have any confidence that Malta will actually pay me back the tax due - I have no trust left. Quite frankly, doing business would have to be easier and more trustworthy in Nigeria.

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    As part of the controlled release of deposits, and further to the MFSA’s directive, EY as competent person will start the return of deposits to the first group of Satabank customers. This process shall start as of Monday 26 November 2018.
    The first customers will be selected from those which have balances between €50 and €15,000, and which have been through a review procedure. These customers will receive the entire balance held in their account. Satabank will be contacting customers resident in Malta to fix an appointment in order to arrange for payment. At the appointment, customers will be able to choose whether they provide account details of a credit or payment institution or receive a bank draft. Alternative arrangements are being put in place for those customers who are not resident in Malta.
    This is the first step in the process and more information will be provided in respect of future return of deposits.
    Statement of Satabank.

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    I have to agree with your statement above that it looks like this could easily start a withdraw run if it hasn't already started, since the first day people showed up to a locked bank with their accounts frozen, I have trouble seeing how almost any bank could recover from that kind of a public relations nightmare they must be facing.

    Rick
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