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Payoneer dumped porn customers on way to Nasdaq

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Payoneer's activities have also recently received publicity from two financial affairs. The first was Choice Bank from Belize in Central America, which went into liquidation. The bank's customers, who include several live pornography workers, have sued the bank for accounts they held amounting to about $100 million, when the bank was closed in 2018. Payoneer founder Yuval Tal, who served as the company's president until last year, held Choice Bank shares between 2010 and 2012.

Some of those customers suing the bank said that they thought they were involved with a US company called Payoneer and not with the bank in Belize, even though Payoneer changed the way that it operates with customers like these back in 2016, when these customers in the pornographic sector had their Payoneer cards exchanged for First Choice cards, issued by Choice Bank. In Choice Bank's liquidation report, Choice Bank claimed that it had provided Payoneer a range of permissions to operate in its name including the ability, "to conduct independent money transfers without needing to request individual approval for each transaction," according to an investigation by NBC.

"Globes" has found that the liquidation proceedings against Choice Bank have been completed and creditors received 84% of their money.

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According to NBC. Citibank received $20.6 million from Payoneer in 2015 and 2016 for "Online video services connected to websites operating video camera pornography services related to human trafficking."

Adv. William Lindo who represents some of the pornography workers in Belize told the NBC investigation that Choice Bank was known for servicing many employees in the industry and claims that MasterCard asked Choice Bank to end its involvement in the industry in which there were "high risk customers" between the end of 2015 and early 2016.

In 2016 Payoneer changed gear regarding customers in the pornography industry when it ended its connection with them or proposed that they switch to an alternative plan called First Choice Pay, a pre-paid MasterCard card issued by Choice Bank.

as part of the new plan, Payoneer became a technology provider for Choice Bank, and Choice Bank took responsibility for the customers and risks involved. When the bank collapsed, its former customers were forced to turn to the liquidator in order to get back their money. Many customers told the investigation that Payoneer and Choice Bank had not bothered to highlight the new policy in their reports and many of them opened fire, even if by mistake, on Payoneer. The liquidation was completed in 2020.