Monoup news digest: main updates from fintech industry
As we used to know, world of payments and fintech is constantly evolving, and Monoup editorial team is here to keep you informed. This week, we delve into the latest developments, including sanctions against Garantex exchange and Tether's actions, as well as the impact on the P2P market in the CIS region.
Let's dive into the key news you might have missed amidst your busy schedule. Enjoy reading!
Tether blocks Garantex's USDT assets
On March 6, 2025, Garantex crypto exchange shocked crypto community with an announcement in its official Telegram channel: its USDT assets had been blocked by Tether, company behind the stablecoin.
The reason for this block is likely tied to Garantex's connections with Russian banks and its role in helping the economy evade Western sanctions. Recently, the EU also imposed sanctions on Garantex. Crypto exchange believes that other "Russian" wallets are also at risk and that they were "the first, but not the last" to face asset blocks from Tether. Garantex promptly published a list of the affected wallets in its channel to warn users.
In total, assets worth 2.5 billion rubles have been blocked, and Garantex intends to "fight" for these funds. However, just a few hours later website of the exchange was suspended by US authorities and Garantex completely stopped operations. Until not it's not actually clear if the closure is permanent or not.
Walletto integrates MB WAY payment method
Walletto payment system has been actively expanding its range of methods. A recent announcement revealed that Walletto has integrated MB WAY, the primary payment method in Portugal, which processes nearly 50% of online payments in the country.
Partnership with MB WAY makes Walletto a desirable provider for many merchants looking to operate in Portugal and maximize market coverage. Portuguese market is particularly popular among gaming projects, which are constantly seeking opportunities to connect with new payment providers. Portuguese audience is open to various online entertainment mechanisms, and the high average payment makes this market even more attractive for businesses.
Wirex launches in the USA
Cryptocurrency service provider Wirex has entered the U.S. market with its stablecoin platform. The Web-3 application is now available in the country through the integration with Bridge, an aggregator of stablecoin solutions.
Americans will have access to Wirex Pay payment method, which allows for purchases to be made with stablecoins and integrates them seamlessly into everyday life. This method supports major stablecoins USDT and USDC and will operate at all points of sale where Visa is accepted, which is virtually everywhere in the country.
Wirex app is known for its crypto card, which enables crypto purchases, advantageous and convenient currency exchange, and integration of fiat and crypto assets in a single interface. This new form of banking has already gained popularity among European users, and after Australia, USA was the logical next step.
Revolut launched in Ukraine without license
Revolut, which recently launched in Ukraine, has been found to be operating without the necessary authorization. Both company and users were optimistic about the collaboration. Revolut even noted that Ukrainian waitlist was the longest in the fintech's history, indicating significant potential. Country has a large population of active and tech-savvy users with a European approach.
However, preparation for the market entry appears to have been rushed. It is difficult to explain how a giant like Revolut could launch in the country without the required license. National Bank of Ukraine quickly responded, stating that Revolut had not obtained a banking license in the country and had not opened a branch, both of which are mandatory for operation. Revolut, it turns out, is operating in Ukraine under a Lithuanian legal entity, whose jurisdiction does not extend beyond the EU. Since Ukraine is not part of the EU, Revolut will need to obtain local permits to operate.
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