U.K. Financial Regulator Lifts Suspension on Wirecard and Al...
Cryptocurrency, News

U.K. Financial Regulator Lifts Suspension on Wirecard and Allows the Company to Resume Operation

The U.K. Financial Conduct Authority (FCA) has lifted the restrictions imposed on Wirecard Card Solutions (WCS) and has restored its services. According to a statement published by the FCA on June 29, the authority said it has written consent to WCS to resume its activities since the company was able to meet certain conditions. The FCA claims customers will now, or very shortly, be able to use their cards as usual.

The FCA said customers who are still experiencing difficulties in using their cards should contact their card provider directly. The regulator claims it will continue to work with WCS and monitor it closely to ensure it meets the conditions required of them. It added that it will continue to protect consumers’ money and that anyone who is still facing difficulties should contact their website for more details. 

Wirecard issues Visa crypto debit cards for crypto companies such as Crypto.com, Cryptopay and TenX. Following the reactivating statement from the FCA, Crypto.com and TenX’s Visa debit cards are currently reactivated. Crypto.com said in a blog post that it has resumed the operation of all Euro/U.K. MCO Visa cards. TenX on the other hand also announced that its Visa card and related services have been reactivated. However, Cryptopay is yet to announce the latest update as at the time of writing. 

The financial watchdog had suspended the license of Wirecard Card Solutions, according to the last week report. The suspension comes after the news about the missing €1.9 billion from Wirecard’s account. The company’s U.K. branch was therefore restricted by the FCA not to pay out or reduce any money it holds for its customers, except on their instructions. According to today’s announcement, the regulator claims it is now in a position to allow Wirecard to resume operational activity.  

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.