Get the latest tech news
Mercury's High Risk, High Rewards Strategy Runs into Regulatory Reality
Mercury CEO Personally Sought Exception for OnlyFans; Evolve's Bank Holding Company Appears To Be Insolvent
Fintech Business Weekly obtained dozens of such records for Mercury accounts at Evolve, which appear to be supporting documentation for higher-risk international wire transfers, from a publicly accessible domain(eg non-encrypted, no login required) that was part of Synapse’s IT infrastructure. Not mentioned publicly was Mercury’s willingness to onboard Virgin Islands- and Cayman Islands-incorporated entities, popular with VCs and investors, despite lacking policies, procedures, or a defined workflow for doing so, people familiar with the situation said. A 2023 report from Swedish IT and information security research firm Simovits AB details the Moscow origins of the company, including numerous red flags that should have raised alarms when it applied to open an account with Mercury.
Or read this on Hacker News