Published: March 08, 2023
We would like to take this opportunity to express our appreciation for your continued support and patience as we are awaiting news from the correspondent bank and the receiver. We also acknowledge that many clients have sent in their inquiries lately, so we would like to provide you with some clarity regarding the status of the liquidation and migration, as well as Qenta and its services.
To address the frequently asked questions we have received, we have compiled the following information:
- Has the bank liquidation for opt-out clients already begun?
No. The liquidation of the bank is an ongoing process. We are expecting the process to continue to run in parallel to the situation with the correspondent bank. Further updates in this regard will be provided as soon as available.
- Can I open an account at Qenta before the migration takes place?
No. EPB clients who have chosen to opt-in to the migration to Qenta will need to wait until the receiver and correspondent have finished the liquidation process before being onboarded into Qenta.
- I am an opt-out customer, how will I receive my funds?
EPB customers who have queued an outgoing wire for the entire balance of their account are considered to be opting out of the migration to Qenta and will stay with the receiver who will facilitate the liquidation for these customers and oversee the process of completing all outgoing wires to their respective destinations.
- What services will Qenta be providing upon completion of the migration?
It is important to note that Qenta is not a bank, as such third-party payments as an example will not be allowed. Upon migration, clients transferring to Qenta will have the ability to hold gold, and cash out their holdings at any time in USD to a first-party account of their choosing. The ability to buy additional gold will also be added shortly after. In the future, Qenta will be rolling out other exciting services such as gold-backed debit cards, access to other commodities, and much more.
- I am currently an opt-in customer, can I still opt-out after the migration has been completed?
Yes. Once the migration to Qenta has been completed, you can choose at any time to cash out to a first-party account of your choosing at any time.
- How will I receive notice of the liquidation and migration when they take place?
All customers will receive email notification as soon as the official timeline for the liquidation and migration is ready to be released. Updates will also continue to be added to the EPB website. In addition, instructions for migrating customers will be received by email before the process is set to begin.
If you have further questions about Qenta & its services, please send your inquiries to [email protected]. For inquiries about the liquidation, please email [email protected] as always. Thank you for your continued trust and partnership.
Euro Pacific Bank.