KoronaPay to exit Europe after EU sanctions on its operator

KoronaPay is shutting down its European business after six years in the market. New transfers are already unavailable, and KoronaPay Europe is in the process of surrendering its licence — the kind of clean exit that still leaves merchants, agents, and payment teams scrambling for replacements.

1. According to the company, the decision follows EU sanctions imposed on the operator of the business. The result is a full wind-down of KoronaPay’s European money transfer service rather than a narrowed product set or a pause in specific corridors.
2. Users can no longer send new payments through the service. Previously transferred funds can be returned via the Korona mobile app, which matters for operators and support teams handling refund flows and customer complaints.
3. The Central Bank of Cyprus confirmed that it has started the procedure to withdraw the licence previously issued to the company. The regulator said this is being done at the company’s own decision, which is a reminder that a voluntary exit still runs through the licensing process.
4. For the market, the immediate issue is infrastructure loss: merchants and agents that relied on KoronaPay lose a payment rail and have to move volume elsewhere. In practice, that means migration work, new onboarding, and a fresh round of compliance checks for whichever provider picks up the traffic.