Choice Bank Liquidation Process Moves Forward

Choice Bank Liquidation Process Moves Forward

BELIZE CITY, Belize — Choice Bank Ltd., which issued cards for the defunct alternative for adult payouts, has launched a website explaining the next steps for former clients as it liquidates assets.

FirstchoicePay, which debuted in spring 2017, was an immediate success when it launched. The platform supported the transfer and payment of various currencies, including the U.S. dollar, the British pound, the euro and the Japanese yen. It offered pre-paid Mastercard accounts and global bank transfers.

But a little over a year later, Choice Bank told accountholders that it was forced into a “liquidity-constrained position” and suspended all withdrawals from deposit accounts.

Choice Bank, at the time, said that the liquidity challenges for the bank were “a short-term one” and that its depositors, cardholders and creditors would be “kept whole.”  

Later, however, the Central Bank of Belize revoked Choice Bank’s international banking license and appointed a receiver, who terminated the bank’s shareholders, directors and officers.

In a statement on a recently launched website with the domain name, the receiver, accountant Cedric Flowers, stated that he will soon file a public notice on instructions on how to file claims. Flowers intends to file the notice on or before Tuesday, Aug. 28.

In addition, Flowers said that the liquidation process will allow depositors, cardholders and creditors to file claims by Monday, Oct. 29.

After 90 days, Flowers will determine claims and commence distribution of the liquidated funds by the end of February before Choice Bank winds down.

For questions regarding the liquidation process, Flowers can be contacted at



Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

PASS Adds Indie Producer Fivestar to Board of Directors

The Performer Availability Screening Service (PASS) has tapped independent producer Fivestar to join its board of directors.

Kentucky Republicans Revive 'Public Health Crisis' Claims to Justify Anti-Porn Bills

Republican lawmakers in the Kentucky House and Senate are renewing claims that adult content is part of a “public health crisis,” to justify introducing matching copycat versions of the age verification legislation being sponsored around the country by anti-porn religious conservative activists.

Segpay's Cathy Beardsley Named Among American Banker's 2024 'Most Influential Women in Payments'

Segpay CEO Cathy Beardsley has been named one of American Banker’s 2024 Most Influential Women in Payments.

Texas' AG Ken Paxton Sues Aylo Over Controversial Age Verification Law

Republican Attorney General Ken Paxton has filed a lawsuit against Aylo, alleging the company is in violation of Texas’ controversial age verification law, which mandates that adult websites post a “health warning” perpetuating religious anti-porn propaganda myths.

XBIZ Miami's Sagamore Hotel Sold Out, Additional Hotels Announced

Guest rooms at XBIZ Miami’s exclusive conference venue, the iconic Sagamore Hotel in South Beach, are now completely sold out.

Utah Sen. Mike Lee Questions First Amendment Protections for Sexual Content

Utah newspaper Deseret News has published an interview with U.S. Senator Mike Lee, in which he champions ongoing efforts to limit access to adult content online in the name of fighting “porn addiction.”

Conservative Group's Plan to Criminalize Porn Is Part of Campaign to End All 'Recreational Sex'

A 2023 X post by the Heritage Foundation, in which the influential conservative think tank called for an end to “recreational sex,” has resurfaced in the wake of the Alabama Supreme Court’s recent ruling that frozen embryos are legally children.

Chaturbate Signs On as Presenting Sponsor of XBIZ Miami

Premier webcam community Chaturbate has signed on as the exclusive presenting sponsor of XBIZ Miami, slated for May 13-16 at the oceanfront Sagamore Hotel in South Beach.

Japanese Performers, Stakeholders Rally to Save Industry From Controversial Law

Hundreds of protesters marched alongside Japanese adult industry professionals on Friday to protest a controversial 2022 law that regulates the country’s adult video (AV) sector, and which they contend has destabilized the industry.

FSC Meets With UK Baroness in Charge of Tory Government's Porn Review

The Free Speech Coalition (FSC) has met with Baroness Gabrielle Bertin, the House of Lords member charged by the U.K. government with conducting a full review of the country's pornography laws.

Show More