On March 16, the Lithuanian court dismissed 'Foxpay's appeal against the Central Bank's decision made on November 21, 2024, which revoked the company's operational license. The court found that the company's owner, Ieva Trinkūnaitė, did not meet the legal requirements imposed on shareholders holding a significant portion of the company's capital or voting rights. Additionally, it was determined that 'Foxpay' violated provisions of the Law on the Bank of Lithuania.

The court ruled that there was no legal basis to overturn the Central Bank's decision, describing the appeal as unfounded. The court's evaluation indicated that the Central Bank's inspections and subsequent decision to revoke the license were based on objective analysis, including assessments of 'Foxpay's internal procedures and customers' case data. It emphasized that all information collected during the investigation was carefully considered.

This ruling highlights the strict regulatory framework governing financial institutions in Lithuania and the necessity for compliance with legal standards. The implications for 'Foxpay' could be significant, as losing its license hampers its ability to operate and may impact its clientele, bringing attention to the importance of accountability within the financial sector.