Payments Giant Transactive Shutting Down After Regulatory Probe

Transactive Systems Ltd., a UK electronic-money company that rapidly became one of the biggest players in European payments, is shutting down after regulators pulled one of its licenses because of money-laundering concerns.

“We have no intention of operating the business going forward,” Chief Executive Officer Daniel Edwards wrote in an emailed response to Bloomberg questions. “The abrupt freeze to client accounts made it impossible to service clients properly or for us to generate income to continue to operate the business.”

The Ipswich-based firm had a license from the Bank of Lithuania, but this was revoked last year after regulators ...