FCA imposed 3 sanctions on the WCS

Wirecard Card Solutions (WCS) was based in the North of England, Newcastle. The company issued VISA cards for users of Crypto.com, TenX and Cryptopay.

The UK’s Financial Conduct Authority (FCA) has decided to effectively suspend Wirecard’s UK subsidiary, Wirecard Card Solutions Limited (WCS). The announcement was made on Friday 26th June, the FCA imposed 3 sanctions on the subsidiary: not to dispose of any assets or funds, not to carry out any regulated activity and to communicate this to its clients.

The FCA added the following about the suspension of WCS:

The FCA states in its press release that it has made this decision to protect the monetary interests of consumers who used the services of the company. In addition, the regulator claims to be working closely with Wirecard UK and local authorities to take action to protect consumers. The FCA’s measures have blocked access to the funds managed by the company, but the regulator recommends that any customer contact them for further information.

Crypto.com CEO Kris Marszalek added that he hopes to see the platform cards in operation soon. According to Crypto.com’s CEO, his company’s priority was to return customers’ funds within 48 hours, and in a subsequent update, Marszalek said this goal was met. Now the platform will concentrate its efforts on the process of moving its card program to a new provider.

TenX also issued a statement to its customers regretting the closure of its card program. The platform was severely affected by the events at Wirecard, but assured that its clients’ funds remain safe and can be used through the TenX wallet. The platform is working to replace the affected services. In contrast, WCS’ partner company, Cryptopay, has not issued a statement.

Author : Reynaldo