Crypto.com And TenX Resume Crypto Card Issuance As UK FCA Lifts Wirecard UK Restrictions

Crypto.com And TenX Resume Crypto Card Issuance As UK FCA Lifts Wirecard UK Restrictions

Gate Trade News Tuesday, June 30, 2020 25 0

The UK Financial Conduct Authority (FCA) has allowed Wirecard UK to resume payment services. Consequently, the companies handling cryptocurrency debit cards resumed their issuance.

Following the missing $2.1 billion of company funds and Wirecard filing for insolvency, the UK FCA, which authorizes and supervises its subsidiary Wirecard Card Solutions, suspended all regulated activities last week.

UK’s watchdog argued that the primary objective of these requirements was to protect all customers’ electronic funds. However, it also “had the effect of preventing consumers from withdrawing and making payments with those funds.”

On Monday, the regulator published an update on the situation that reads, “the FCE provided written consent to allow Wirecard to resume issuing e-money and providing payment services.” All previously instituted restrictions were lifted at 00.01 on June 30th.