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Wirecard Card Solutions suspended as company loses $2.1 billion

Wirecard Card Solutions

Wirecard Card Solutions has been suspended by UK authorities and told to stop all activity.

Wirecard’s subsidiary responsible for issuing debit cars has been suspended by the UK’s Financial Conduct Authority (FCA). The company’s auditor recently reported that it was unable to find evidence for $2.1 billion that were supposed to be in the company’s trust account. Since then, the FCA has been working with the card-issuing subsidiary to protect customer funds.

Wirecard Card Solutions suspended

In a recent statement, the regulator told Wirecard Card Solutions not to dispose of any funds. The subsidiary was further told to suspend all activities and announce on its website that the firm is no longer permitted to conduct any regulated activity.

The regulator has been working with the company since the incident and recently took additional measures to ensure customer protection. These measures included forcing the company to stop all regulated activity. This means that the company can no longer access customer funds.

This also means that people will be unable to use any debit cards issued by the company, including Crypto.com and TenX, among various others.

Crypto.com

Crypto.com revealed in a blog post that the firm would be refunding all customer funds. The firm stated that it would be “processing credits to the crypto wallets equivalent to the fiat balances held on the cards.” Crypto.com noted that the process would be completed within the next two days.

Crypto.com added that the team is working on transferring the card program to a new provider and resume operations. The team would then be able to serve customers across the United Kingdom and Europe.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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