Crypto.com startup cards work again after UK regulator’s restrictions are lifted
Cryptocurrency startup Crypto.com has announced the resumption of service for its MCO Visa cards in the UK and Europe after the UK Financial Conduct Authority (FCA) granted Wirecard Card Solutions (WCS) approval..
Last week, the FCA suspended WCS amid the problems of its parent company in Germany, which allowed a deficit of 1.9 billion euros and initiated bankruptcy proceedings.
According to the latest notice from the FCA, WCS is allowed to resume e-money activities and re-start providing payment services..
“The primary purpose of these requirements was to ensure the safety of customers’ electronic money in secure accounts. As a result, clients could not withdraw or spend such money. The FCA permission means that Wirecard can resume the provision of services in the field of electronic money and payments, and customers will already or very soon be able to use their cards as usual, ”the regulator said in a statement..
The FCA also notes that, in cooperation with WCS and other responsible authorities, they were able to meet the conditions that were necessary to lift the ban. At the same time, a number of restrictions associated with the storage and transfer of client funds will remain. FCA will continue to monitor WCS activities.
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