Crypto debit cards issued by Wirecard stop working after UK FCA's action
June 26, 2020, 8:19AM EDT
1 min read
Crypto.com's MCO Visa debit cards have stopped working after the U.K.’s Financial Conduct Authority (FCA) suspended Wirecard Card Solutions (WCS), a subsidiary of scandal-hit Wirecard.
The news means Crypto.com’s U.K. and European customers will not be able to top-up their cards or transact. CEO Kris Marszalek said the FCA has "effectively shut down" WCS.
Customers’ funds, however, are safe, said Marszalek. “All customers will receive 100% credit back to their crypto wallets within 48 hours."
Marszalek added that Crypto.com is moving the card program to a new vendor. It is not clear whether the firm has already finalized another partner for issuing its cards.
WCS also issued crypto debit cards for TenX and Cryptopay. It is likely that their cards would have stopped working too since WCS has been ordered by the FCA not to conduct any regulated activities. The Block has reached out to TenX and Cryptopay for comments and will update this story should we hear back.