Today, some hours ago EGOPay posted news that they will close accounts that belong to U.S. Citizens/Residents and U.S. Companies on 28th of March. Again it is a strong slap for people from U.S. who are involved in HYIP industry.
If you open EGOPay news page over here you will find information that if you are U.S. citizen/resident you should move away from EGOPay because your account will be closed soon. Read full newsletter below:
14/02/2014 – U.S. accounts about to be closed Due to the current United States laws, all EgoPay accounts that belong to U.S. Citizens/Residents/U.S. Companies will be locked on the 28th of March. You can still implement your operations the same as before until 14th of March. Please note, that after 14th of March you will not be able to receive any funds and will only have an option to send or withdraw your funds. Please manage your payments and withdraws in time.
What is actually going on?
Lets get straight with this – when Perfect Money last year announced that they will not allow U.S. citizens/residents to use their services anymore EGOPay team were drinking champagne because it was nothing less but victory for them. Suddenly from not-that-popular payment processor they jumped straight in second place. Starting from summer more and more people from U.S. started to use EGOPay and most likely some guys from US government institutions noticed that and went to talk with them. After that EGOPay decided to stop dealing with U.S. people. The same happened with SolidTrustPay some time before and they are slowly moving away from HYIP industry at all.
What this mean for industry in general?
I think that it mean more or less nothing, HYIP industry will do well also without U.S. people and I want to repeat what I said half a year ago about online poker industry:
Back in 2011 U.S. released information that “online poker companies indicted for fraud“. What they did after this? They just stopped accepting members and funds from U.S. Today online poker industry is doing well even without the U.S….
What this mean for U.S. Citizens/Residents
It means that people from U.S. are “out of stock” with payment processors what HYIP accept. PerfectMoney do not accept U.S. funds already half a year. SolidTrustPay is moving away from HYIP industry at all. EGOPay as we know will be banned soon in U.S. This leaves U.S. Citizens/Residents almost with nothing – yes Bitcoin can be the choice, but exchange rate jumps up and down all the time, so it will just not work out at all. Of course, people from U.S. can use some VPN service in case to use all the payment processors, but I’m not sure that people are really willing to use them.
I would suggest just to wait, most likely nothing will happen because EGOPay is not that big and all the rest of the world can still use it. One thing again is clear – each move like this moves us closer to cryptocurrency era in HYIP industry. Each time when something like this happens we are moving closer and closer that Bitcoin or something similar will replace regular payment processors.