Nearly two weeks ago, the Bank of Lithuania made headlines by revoking the license of Bruc Bond UAB following what it described as extensive and thorough regulatory investigations. The central bank cited repeated and severe breaches of compliance rules, including the submission of false data. While Bruc Bond acknowledged the license termination on its website, it described the decision as unexpected and difficult to understand.
What adds complexity to the situation is that the group’s fully-owned Singapore-based subsidiary, Bruc Bond Pte Ltd, continues to operate under a Major Payment Institution (MPI) license (PS20200075) granted by the Monetary Authority of Singapore (MAS) under the country’s Payment Services Act.
The group is ultimately controlled by Israeli nationals Eyal Nachum and Tamir Zoltovski, who are also behind another regulated Lithuanian entity — International Fintech UAB. While Bruc Bond’s official site briefly mentioned the revocation, the company has stayed silent across its social media platforms like LinkedIn, Twitter, and Facebook. This muted response is especially notable given that co-owner Eyal Nachum had been actively quoted in the media just weeks before the regulatory action.
Lithuania’s financial watchdog has announced plans to scrutinize the leadership of all entities under its oversight — including International Fintech. Whether or not the revocation of the Lithuanian license will lead to consequences for Bruc Bond’s Singapore operations is still unclear, but regulatory eyes are now watching closely.