UK regulator lifts suspension on Wirecard subsidiary; Crypto.com and TenX Visa cards get reactivated
June 30, 2020, 5:30AM EDT
1 min read
The U.K.'s Financial Conduct Authority (FCA) has lifted restrictions imposed on Wirecard Card Solutions (WCS), restoring its services.
The regulator said it has provided "written consent" to WCS to resume its activities since the company was able to meet certain conditions. “This means customers will now, or very shortly, be able to use their cards as usual,” said the FCA.
Indeed, Crypto.com and TenX’s Visa debit cards, issued by WCS, are now reactivated. Crypto.com said it has resumed the operation of all Europe/ UK MCO Visa cards, while TenX said its Visa card and related services have been re-enabled.
Cryptopay, however, is yet to announce the latest update. The Block has reached out to the firm and will update this story should we hear back. Last week, Cryptopay expected the WCS situation to improve hoped to see its cards “up and running again soon.”
The FCA said it continues to monitor WCS to ensure that the company meets the conditions imposed and to protect customer money. The regulator had suspended WCS on Friday since its parent company Wirecard AG is currently the subject of law enforcement agencies and insolvency proceedings after a $2.1 billion hole in accounts.