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Author Topic: Crypto Cards Affected as UK Regulator Suspends Wirecard Subsidiary  (Read 2130 times)

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Crypto Cards Affected as UK Regulator Suspends Wirecard Subsidiary




Wirecard’s subsidiary responsible for issuing debit cards, Wirecard Card Solutions Ltd., has been suspended by the United Kingdom’s Financial Conduct Authority, or FCA.

According to a statement issued on June 26 by the regulator, Wirecard’s subsidiary is required to not dispose of any of its funds, stop conducting any of its regulated activity, and it must communicate on its website and to its customers that it is no longer permitted to conduct regulated activity.

As of press time, however, such statements are not present on any of Wirecard’s websites, including the subsidiary’s dedicated domain.

The FCA explained that following the news of the 1.9 billion euros shortfall in Wirecard, it began working with the card issuing subsidiary to ensure that customer funds are protected. On Friday, the regulator took “additional measures” and forced the firm to stop all regulated activities. “This now means customers money cannot be accessed,” the statement concludes.

That suggests that customers may be barred from using any of the debit cards issued by the company. That includes crypto debit cards from Crypto.com, TenX and others.

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Re: Crypto Cards Affected as UK Regulator Suspends Wirecard Subsidiary
« Reply #1 on: June 28, 2020, 02:53:47 PM »
This sad story illustrate how a global servicing business organization can be affecting the cryptocurrency industry and/or some of its players. Let's hope that after the smoke is cleared with this Wirecard fiasco, questions can be answered with adequate details.

 

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