US-based Mercury Bank has included Pakistan alongside Palestine, Nigeria, Mali, Somalia, Russia, Iran, and many others in the list of countries restricted from opening/using accounts on its platform.
The bank’s co-founder wrote on X that the fintech’s services were halted for Pakistani startups as over 10 percent of signups from the area resulted in fraud. “It is especially sad since I was born in Pakistan. We stopped onboarding Pakistan-based beneficial owners when >10 percent of signups from PK resulted in fraud. We didn’t have this issue with any other country we support,” he said on X.
“Not sure what the solution is but PK needs to clean up its act,” he added.
As a result of this, businesses, startups, and individuals in Pakistan cannot open new accounts or conduct transactions using Mercury.
According to Mercury’s official website, the full list of prohibited countries are:
- Afghanistan
- Albania
- Belarus (Republic of Belarus)
- Bosnia & Herzegovina
- Burundi
- Cambodia
- Cameroon
- Central African Rep
- Congo (the Democratic Republic of the)
- Congo (the)
- Croatia
- Cuba (Republic of Cuba)
- Eritrea
- Haiti
- Iran (Islamic Republic of Iran)
- Iraq
- Lebanon
- Liberia
- Libya
- Mali
- Mozambique
- Myanmar (Burma)
- Nicaragua
- Nigeria
- North Korea (DPRK – Democratic People’s Republic of Korea)
- Pakistan
- Palestine (State of)
- Philippines
- Russia (Russian Federation)
- Somalia
- South Sudan
- Sudan (the)
- Syria (Syrian Arab Republic)
- Ukraine
- Venezuela (Bolivarian Republic of)
- Yemen
- Zimbabwe
This move follows federal scrutiny earlier this year involving Mercury’s partner, Choice Bank, for allowing foreign companies to open accounts under risky circumstances.
Now, Mercury has ramped up its risk and compliance teams and revised its eligibility requirements. Customers in certain countries, including Pakistan, Palestine, and others as mentioned above, were informed that their accounts would be closed.
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Another shame
Pakistani LEADERS are the biggest CHEATERS, and West supports them. Come on Mercury reverse this decision.
Sab kuch leaders per dal doo khood Pakistani jo merzi ker lain mger sirf leaders galat hai
We as a nation, right from the most junior clerk to the politician in most senior position, have all become morally and financially corrupt. Our sketchy practices and fantastic abilities as universal liars have bring this country to a point where no good service or platform want our users because they know we’ll cheat and commit fraud.
Pakistani logon ki 2 numbri ki koi limit nahi.
Leader say laikar qom 99% chor, aer bay iman!!!