WebMoney changes its policy and kills the exchange business

WebMoney is very concerned about its reputation and the security of its users. In view of this the system announced some changes that are intended to improve the service and to protect the users. In order to ban and exclude WebMoney Transfer System from attempts of illegal usage and fraud as well as to avoid causing of any potential damages to its users, the System announces changes to its policies and hereby amends the Agreement on Property Rights Transfer by Means Of Digital Units, as the official website reports .

Clause 25 of Annex II (List of Prohibited and Restricted Goods and Services, forbidden for sale using WebMoney Title Units) now sounds as follows:
"Financial or payment instruments, that do not ensure proper KYC procedures and customers identification for the purposes of fighting illicit trafficking, financial fraud, illegal proceeds and money laundering."

Due to the abovementioned policy amendments, WMID's belonging to exchange services, who do not provide appropriate KYC and user's identification will be blocked and expelled from the System starting from August 01, 2008.

WebMoney Arbitration System determines a list (not limited by the titles below) of financial and payment solutions that are strictly and undoubtedly prohibited from usage/purchase/selling by/from/to WebMoney Transfer System:

1. E-gold.com
2.Liberty Reserve
3.E-bullion
4.Pecunix
5.Goldmoney
6.Inocard
7.Icqmoney
8.Deltakey
9.Imoney UAH