Overview: Payment Channels and Operational Context Option888, a binary options trading platform with a checkered history in various jurisdictions, has been linked to multiple payment service providers (PSPs). One such PSP is Global Payment Solutions d.o.o., based in Montenegro. Reports suggest this entity processed transactions via Atlas Banka, a local financial institution that has recently come under regulatory scrutiny.
Regulatory Intervention: Atlas Banka Under Administration In late November 2018, the Central Bank of Montenegro (CBCG) announced that Atlas Banka no longer met the required capital adequacy thresholds. As a result, the bank was placed under temporary administration, and a 45-day freeze was imposed on outgoing payments. These actions were intended to stabilize the institution and assess its financial health.
Alleged Money Laundering Operations Soon after the administrative measures were enacted, Montenegrin authorities disclosed the uncovering of what is believed to be an extensive money laundering scheme involving Atlas Banka. Citing data published by Radio Slobodna Evropa, it was reported that over €550 million had potentially been laundered through the bank’s digital systems.
Criminal Proceedings and Arrests Montenegro’s Special State Prosecutor’s Office has filed charges against:
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79 individuals
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95 companies
These entities hail from both domestic and international backgrounds. Duško Knežević, the former President of Atlas Banka and head of Atlas Group Corporation (AGC), was among those arrested. AGC oversees a range of businesses in Montenegro, Serbia, the United Kingdom, Cyprus, and Russia. Three other associates of Knežević were also detained in connection with these allegations.
Earlier Enforcement Activity In June 2018, authorities froze multiple bank accounts associated with e-commerce activities. The accounts were believed to be central to revenue flows supporting questionable financial practices. This action laid the groundwork for subsequent investigations.
Implications for Option888 and VELTYCO GROUP PLC Global Payment Solutions d.o.o., which reportedly handled transactions for Option888, may have been indirectly affected by regulatory action targeting Atlas Banka. Though the precise connection is still under investigation, there is speculation that these disruptions might relate to ongoing financial instability at VELTYCO GROUP PLC, a publicly traded UK company associated with Option888. Transactional evidence suggests that funds linked to Option888 were processed through Atlas Banka.
Investor Recommendations and Reporting Investors who experienced losses while trading on Option888 or affiliated platforms—such as ZoomTrader, ZoomTraderGlobal, and Xtrader—are advised to:
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Retain all relevant transaction documentation
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Monitor public regulatory updates and proceedings
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Pursue restitution through legal channels or authorized recovery services