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Wirecard: Crypto Card Users' Funds Locked as UK Regulator Suspends Subsidiary


UK Financial Conduct Authority (FCA) on Friday suspended the license of Wirecard Card Solutions (WCS), a unit of troubled Wirecard AG, which is responsible for issuing Visa cryptocurrency debit cards. It means some users of cards such as Crypto.com’s Mco visa debit card and Tenx’s visa debit card may not be able to access their funds for a time. Both the crypto-enabled cards are issued by the Newcastle-based WCS. FCA said Wirecard Card Solutions “is no longer permitted to conduct any regulated activities” and “must not dispose of any assets or funds.” The regulator indicated that the decision was taken “in order to further protect customer money”. “There are ongoing events in Germany concerning companies closely linked to Wirecard. Wirecard’s parent company, Wirecard AG based in Germany is currently the subject of law enforcement interest and insolvency proceedings,” said the FCA. Read More...




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