In Chile, the cryptocurrency platform Plusspay is undergoing significant disruption after its registration was revoked by the national financial supervisory body. This action effectively halts Plusspay’s ability to operate or acquire new clientele within the country, stirring alarm among users anticipating the return of their investments.
Why Was Plusspay’s Registration Stopped?
In a decisive move, Chile’s Comisión para el Mercado Financiero (CMF) formally canceled the registration of Inversiones Plusservice SpA on June 26. This company, the entity behind Plusspay, now faces an inability to legally conduct business across the nation, paired with an obligation to refund client funds. The CMF, a key regulatory authority, wields substantial influence, underscoring the gravity of this measure.
Though Plusspay promoted itself as an officially recognized services provider, it possessed merely a temporary registration rather than a full operational license. Under Chilean law, financial firms require not only initial registration but also explicit authorization to extend their services to the public.
Could Cryptocurrency Ties to Crime Syndicates Be to Blame?
Authorities have initiated an investigation into Plusspay due to suspicious activity involving client funds. These funds, initially deposited in Chilean pesos, were reportedly converted into stablecoins like Tether (USDT) and USD Coin (USDC). The subsequent transfer of substantial amounts to foreign accounts raised serious concerns.
Around $84 million in transactions have drawn scrutiny, as potential connections to illegitimate operations, specifically the Venezuela-originated criminal group Tren de Aragua, are suspected. This organization has been designated a global criminal syndicate by the US Treasury’s Office of Foreign Assets Control since 2024.
The founder, Jose Manuel Rios Guaido, a Venezuelan national, now faces an arrest warrant. Investigators claim that various shell companies under the “Bex” brand obscured a complex network of financial flows. Furthermore, a company linked to Guaido was uncovered in Florida, sharing the same address as Plusspay’s operations.
- An investigation found a significant financial network involving funds transformed into stablecoins, then transferred offshore.
- Suspicions arose of connections to Tren de Aragua, a notorious syndicate identified as a global threat.
- Founder Jose Manuel Rios Guaido is sought by authorities, with ties to potentially misleading corporate structures under scrutiny.
- The CMF intensifies oversight across fintech registries, ensuring compliance with newly enhanced regulatory standards.
The overarching scenario reveals an increasing scrutiny of licensing protocols within the Chilean financial landscape. The CMF remains vigilant, reviewing entities listed in the fintech registry to affirm compliance with the most recent legal provisions. Other firms similarly face potential penalties for non-compliance, particularly in the face of Chile’s stringent Fintech Law, which mandates meticulous adherence to licensing requirements and subjects violators to potentially severe legal repercussions.
