02Case · Regulators

Sanctions claims — registration cancelled

TYME: assured it complied with sanctions — and lost its registration

Contents
  1. In brief
  2. Status
  3. Case passport
  4. What is established
  5. What the parties say
  6. Timeline
  7. Documents and materials
  8. What remains unknown
  9. Related cases
  10. Change history

In brief

TYME's assurances that it complied with sanctions restrictions did not prevent the cancellation of its registration. According to Interfax-Ukraine and LB.ua, on 14 June 2018 the NBU decided that the system had to stop transfers from 20 June. The regulator cited SBU information about cooperation with a Russian payment system banned in Ukraine and risks to national security.

Editorial conclusion TYME assured it complied with sanctions — and lost its registration by decision of the NBU. According to the media reports cited, the regulator relied on SBU information about cooperation with a banned Russian system. This is the project's failure on regulatory compliance as assessed by the NBU. Mazepa's reference to a minority stake does not explain this outcome. An owner's small stake does not make the cancellation of the registration any less serious. The decision concerned the system; the materials cited do not establish any personal guilt of Mazepa or losses to clients.

Status

Registration cancelled

Status as of

TYME's registration was cancelled with effect from 20.06.2018. No information on an appeal against the decision was found in the sources available to the editors. The editors have no information about any criminal proceedings against the operator's owners in connection with this decision.

Amounts (never added together)
AmountNatureDateExplanation
USD 1.36 billionTurnoverTYME's transfer volume for 2017 according to LB.ua. This is the system's turnover, not losses or claims [2]

Case passport

Period
2017–2018
Jurisdiction
Ukraine
Case number
Not established in available sources
Participants
  • National Bank of Ukraine
  • Security Service of Ukraine (source of information for the NBU)
  • FC OMP-2013 LLC (operator of TYME)
  • Neven Trading Limited (owner of the operator, per media)
Status
Registration cancelled ·

What is established

  • Media report

    On 14.06.2018 the NBU decided to cancel the registration of the international payment system TYME; the system was to stop providing transfer services on 20.06.2018. The system's participants were also removed from the register. [1][2]

    Limits: Two independent outlets report the NBU statement. The editors have not read the NBU primary document (HTTP 403).

  • Media report

    The system's operator is FC OMP-2013 LLC (Kyiv). According to Interfax-Ukraine, its sole owner was the Cypriot Neven Trading Limited, and its ultimate beneficiaries were a Latvian citizen and Ihor Mazepa. [1]

    Limits: Information as of June 2018; the editors have not checked a registry extract.

  • Media report

    According to LB.ua, in 2017 TYME was the largest payment system in Ukraine by transfer volume — USD 1.36 billion. [2]

What the parties say

National Bank of Ukraine

  • Authority's position

    The NBU, as reported by the media, cited documented SBU information that TYME made transfers in cooperation with a banned Russian payment system, creating risks to national security. The regulator stressed that violating or circumventing sanctions was unacceptable. [1][2]

    Limits: The regulator's reasoning; the SBU materials themselves have not been made public.

Ihor Mazepa

  • Party's position

    Ihor Mazepa, according to Interfax-Ukraine, stated that his stake in OMP-2013 was a minority one and that the volume of foreign transfers was insignificant. [1]

TYME (as reported by LB.ua)

  • Media report

    LB.ua reports that the payment system had earlier assured the NBU that it complied with sanctions restrictions. [2]

Timeline

  1. The NBU decides to cancel the registration of the TYME payment system [1][2]

  2. Date from which TYME was to stop providing money transfer services [1]

Documents and materials

  1. 1

    Report on the cancellation of the TYME payment system's registration (descriptive title) (opens in a new tab)

    Interfax-Ukraine · Published: · Media report · Access verified,

    Reports the NBU decision and its reasoning; gives information on the owners of the TYME operator and Mazepa's comment about a minority stake.

  2. 2

    НБУ запретил платежную систему TYME (opens in a new tab)

    LB.ua · Published: · Media report · Access verified,

    Independently of Interfax, reports the NBU decision; gives TYME's transfer volume for 2017.

What remains unknown

  • The editors have not read the primary text of the NBU decision: the NBU's 2018 oversight report returned an access error (HTTP 403). The decision is known from media reports.
  • The size of Ihor Mazepa's stake in the operator and the period of ownership have not been checked against registration documents.
  • Whether the decision was challenged in court has not been established in the available sources.
01Regulators

Concorde Bermuda: USD 4.2 million to settle the SEC's claims

USD 4.2 millionSettlement

Concorde Bermuda agreed to pay USD 4.2 million and to an injunction in the SEC case over trading on stolen press releases. A settlement without admitting the allegations does not refute them; Mazepa's personal liability in this case has not been established.

Claims over trading on stolen information

Period of events
2010–2016 (trading period per the SEC — 2010–2015)
Main source
Official document
Status as of
03Investment projects

PrivateFX: clients lost out, Mazepa explained his exit

PrivateFX clients lost out: according to TSN, as of May 2018 their money had not been returned. Mazepa spoke about leaving the project. His explanations about a passive role do not answer who settled with the clients.

Investors' money not returned

Period of events
2015–2018; public explanations — 2016 and 2021
Main source
Interview
Status as of

Change history

Last editorial check:

  • — Editorial update: new title, card, summary and editorial conclusion.
  • — First publication.

There have been no material corrections.

Corrections page →