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    Home » Crypto News » Crypto.com Suspends Visa Card Issuance as Wirecard Solutions Halted by the UK FCA, Funds Are Safe

    Crypto.com Suspends Visa Card Issuance as Wirecard Solutions Halted by the UK FCA, Funds Are Safe

    Author: Jordan Lyanchev

    Last Updated Jun 26, 2020 @ 14:17

    Following the drama with Wirecard, the UK Financial Conduct Authority (FCA) has suspended its subsidiary Wirecard Card Solutions to conduct any regulated activities.

    Since Wirecard Card Solutions issue cryptocurrency debit cards for TenX and Crypto.com, both companies published statements ensuring that customers’ funds are safe, but some operations could be affected.

    UK FCA Suspends Wirecard Card Solutions

    As CryptoPotato reported recently, the German-based online payment processor Wirecard was unable to locate over $2.1 billion of company funds. The situation quickly intensified with plunging company stocks, the firm’s CEO quit, and just yesterday, Wirecard filed for insolvency.

    The problems spiraled earlier today as the UK FCA, which authorizes and supervises the subsidiary Wirecard Card Solutions, announced its suspension. By doing so, the regulator imposed several requirements on the company.

    Namely, “must not dispose of any assets or funds, must not carry on any regulated activities, must set out a statement on its website and communicate to customers that it is no longer permitted to conduct any regulated activities.”

    ADVERTISEMENT

    While the watchdog admitted that it does not supervise the parent company Wirecard AG, the latest law enforcement issues have pushed towards the suspension of its subsidiary.

    The FCA noted that it has been working closely with Wirecard UK and other authorities in the past few days to protect customers. The actions taken today come to “further protect customer money.”

    FCA Building. Source: FinancialTimes
    FCA Building. Source: FinancialTimes

    Crypto Companies Respond

    As mentioned above, Wirecard Card Solutions issues TenX’s Visa Debit Card and Crypto.com’s MCO Visa Card. Both companies responded earlier today.

    “TenX would like to make clear that all of our customer’s crypto and fiat balances are maintained by TenX and not Wirecard. We will keep you up to date on any important information and changes. As of now, the issue has no impact on our operation.” – informed TenX.

    Crypto.com said that “we have just been requested to stop all activity on our card programs in the UK and Europe. Our customers in those two regions will not be able to top-up their cards or transact later today.”

    Nevertheless, the company also outlined that all customer funds are safe and that it’s working on processing credits to “cryptocurrency wallets equivalent to the fiat balances held on the card.” It should take up to 48 hours for its completion.

    Ultimately, Crypto.com has decided to transition the card program to a new provider to resume its regular operations as soon as possible.

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    Tags: Crypto.com United Kingdom
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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