Quote:
Originally Posted by HBKKH
Wires are so archaic. I find EU wires to be a bit less a pain than in NA. Being regulated in Canada is better than a lot of ewallets out there. I fear any LLC and regulated in cyprus or netherlands antilles.
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I don't think they are really regulated in the common definition of the word in the financial industry. I think they were merely required to register with the government and adhere to certain regulations as far as money laundering and terrorist activities go. Someone from Paxum can correct me if I am wrong but as far as I know there isn't a Canadian government agency you can contact in regards to disputes with Paxum (as is typical for banks) nor is there an actual Canadian government agency auditing their books and making sure they have ample funds in their accounts to cover liabilities.
Usually when a financial institution is regulated there are clearly defined procedures for in cases there are disputes. For instance in the US most banks only have so many days to investigate a dispute and must often give you access to your funds after so many days on a provisional basis.
This exists to protect customers from all types of fraud and situations. AFAIK Paxum isn't regulated in that way. There is no one the people who have been waiting a month for their funds can call to appeal or lodge a complaint as it relates to Paxum.