Danish financial regulator asks police to investigate Yourpay bankruptcy
Denmark’s Financial Supervisory Authority (FSA) requests police investigation into Yourpay ApS in bankruptcy.
On 24 June 2022, the Danish FSA reported Yourpay ApS to the police for violating the Payments Act and the Executive Order on securing user funds for e-banks and payment institutions.
The payment institution Yourpay ApS filed its bankruptcy petition on 1 October 2021. In connection with the calculation of the bankruptcy estate, it has turned out that there are insufficient funds in the company’s hedge accounts to cover the claims from Yourpay ApS ‘users. The Danish FSA assesses that the hedge accounts have not been kept in accordance with the rules.
The regulator has therefore requested the National Unit for Special Crime (NSK) to initiate a police investigation.