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UK regulator suspends Wirecard’s subsidiary that issues Visa crypto debit cards

The U.K.’s Financial Conduct Authority (FCA) has suspended Wirecard’s subsidiary, Wirecard Card Solutions (WCS), which issues Visa crypto debit cards.

The FCA said WCS “is no longer permitted to conduct any regulated activities” and “must not dispose of any assets or funds.”

“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.

WCS issues Visa crypto debit cards for firms such as Crypto.com and TenX. The Block has reached out to Crypto.com and will update this story should we hear back.

This is a developing story...

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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