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Chaos In The Banking System Caused By Wirecard Collapse

29 June 2020 15:40, UTC
Chaos In The Banking System Caused By Wirecard Collapse
By Anna Martynova

The German company Wirecard announced bankruptcy on Thursday. As a result, the debit crypto cards of Crypto.com and TenX were frozen for users from the UK and Europe.

UK Financial Conduct Authority FCA has ordered Wirecard UK branch in Newcastle to suspend access to customer accounts. This step was taken to protect users' funds. Wirecard bankruptcy also affected British fintech companies, including Curve, Pockit, and ANNA Money.

It is currently unknown when the UK Financial Conduct Authority will lift the ban on access to accounts so that customers can use them. However, all providers emphasize that user funds are safe. Card functionality is limited until further order of the UK financial regulator.

Image courtesy of iNews.co.uk



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