Wirex, a fiat and crypto payments platform, announced today that the company has decided to halt services to its new UK-based customers temporarily. The fintech company serves nearly 3.5 million clients worldwide. According to the official announcement, the pause is a temporary measure and follows constructive dialogue with the Financial Conduct Authority (FCA), the United Kingdom’s regulatory authority. The crypto firm has decided to strengthen its 5AMLD compliance protocols through the allocation of relevant resources.
Wirex has seen significant growth in the last two years.
The cryptocurrency firm Wirex has seen significant growth in the last two years. The fintech company raised over £3.7 million recently with participation from 7,000 investors. Commenting on the latest announcement, Pavel Matveev, co-founder & CEO of Wirex, said: “The UK’s “5AMLD” (Fifth Anti-Money Laundering Directive) will help increase transparency in financial transactions. The FCA is in dialogue with us and has made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow, the CEO added.
“FCA’s recommendations will help us create a stable environment to operate in.”
Pavel Matveev further noted, “We believe London is the capital of fintech, and the FCA’s recommendations will help us create a stable environment to operate in. We fully endorse the Khalifa Fintech Review findings of growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this. UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause.” Wirex also highlighted the growing public interest in cryptocurrency assets and mentioned that crypto-related transactions are surging. Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, the cryptocurrency firm developed the world’s first crypto-enables payment card in 2015.