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Monevium Enters Special Administration After Shareholder Arrest
Monevium entered special administration after its shareholder was arrested in the U.S. and the firm ran out of money to return customer funds. The joint special administrators will focus on returning ring-fenced client money.
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Monevium, a London-based payment services firm, was placed into special administration after its sole shareholder was arrested in the United States and the company ran out of money to return customer funds on its own.
The FCA-authorised firm issued euro IBAN accounts, processed SEPA payments and handled cross-border transfers. It operated under the Payment Services Regulations 2017. The trouble started in February 2024, when Monevium voluntarily restricted its regulated activities after the shareholder's arrest. That Voluntary Undertaking, agreed with the FCA, effectively shut down commercial operations. After months of inactivity, the remaining director concluded the company could not fund the work needed to return customer money and chose to wind down. The special administration followed because Monevium lacked the resources to execute the return independently.