Already back in July 2019, the CSSF temporarily suspended the business’ electronic payment license, accusing Cyberservices Europe of not respecting rules on users’ funds protection. This came as a result of the company’s failure to deposit customers’ funds in a specific bank account or take out insurance coverage. 

The financial regulator subsequently ordered Cyberservices to rectify the situation, which the latter failed to do. 

In the statement, the Prosecutor’s office also stated that earlier this year the company had been subject to searches in relation to “a judicial inquiry opened among others into fraudulent bankruptcy and misappropriation of corporate assets”, also pointing out that the analysis of elements seized during the search was still in progress. 

Payment services provider Cyberservices managed online payment system Klik & Pay with offices all over the world including Paris and Washington, as well as Luxembourg.