MuchBetter, a payment service provider, has been embroiled in controversy since February 2023. The company recently announced plans to gradually return to the European market, providing a ray of hope for EU customers. However, this optimism does not extend to Norway, where MuchBetter has left its customers in a difficult predicament. The company plans to use its funds to settle outstanding balances for its European customers, a significant step for those waiting for a resolution. Yet, Norwegian customers are conspicuously absent from this plan.
Norwegian Customers Left Without Compensation
MuchBetter's decision to exclude Norway from its compensation plan is due to "restrictions related to their new license." This exclusion means that MuchBetter will not resume services in Norway, leaving Norwegian users to seek settlements with UAB Payrnet. For Norwegian customers, this translates to receiving no compensation from MuchBetter, contrasting starkly with the company's approach in other European countries.
Further Complications with UAB PayrNet
Adding to the troubles of Norwegian customers, they face challenges with UAB PayrNet, which has been holding back their funds. The deadline set by the Central Bank of Lithuania for UAB PayrNet to settle with customers has already passed, yet the issue remains unresolved. MuchBetter advises its Norwegian customers to continue contacting UAB PayrNet to resolve this problem.
In an interview, MuchBetter CEO Israel Rosenthal provided context to the situation. The Central Bank of Lithuania revoked UAB PayrNet's license in June 2023 following an anti-money laundering investigation, which discovered serious and continuous regulatory breaches at UAB PayrNet. MuchBetter was UAB PayrNet's financial intermediary in Europe. UAB PayrNet, which is responsible for all regulatory obligations, still holds all segregated customer funds.
Despite efforts to rebuild trust with European customers, the situation is limited by UAB PayrNet's responsibility for withholding customer funds. MuchBetter has found a new European partner but cannot continue operations in Norway due to license restrictions. The company continues to pressure UAB PayrNet to repay the withheld funds from Norwegian customers.
Norwegian Compensation Unlikely
Thomas Jansen, editor of casinojan.com and an expert in the field, has been closely following the story. He commented that MuchBetter was a popular e-wallet among Norwegian online casino players, many of whom are unlikely to see their money. Jansen described MuchBetter's excuse for not compensating Norwegian customers as "poor," highlighting the unequal treatment of customers based on geographic location.
Eleena Timmons