FCA Reinstates Wirecard: Crypto.com Resumes MCO Card Program in Europe

The Financial Conduct Authority (FCA) has lifted restrictions that stopped Wirecard from issuing e-money and providing payment services in the UK, marking a new turn in the infamous $2.1 billion heists involving Germany-based parent company, Wirecard AG.

As Coinfomania earlier reported, the restrictions which were imposed on 26 June 2020 led to the suspension of the Crypto.com MCO card that was issued by Wirecard, with the crypto company subsequently announcing that activities for its MCO card programs in Europe would stop for some time.

The now lifted restrictions happen to be FCA’s effort to protect the interests of customers using Wirecard, as well as their money, as the firm has recently experienced a massive loss in its balance sheet, which means that the people’s money was at stake.

As part of today’s update, the regulator wrote on its website:

We are now in a position to allow Wirecard to resume regulated activity and on 29 June 2020, the FCA provided written consent to Wirecard to resume issuing e-money and providing payment services. We continue to monitor Wirecard’s activities closely and certain requirements continue to remain in force. […] customers can now or very shortly use their cards as necessary.

Crypto.com Resumes Operation Europe/ UK MCO Visa Cards

It was stated in the report on Coinfomania, Crypto.com had said following the Wirecard restrictions that customers within the region would not be able to top up their cards or make any other transaction using MCO cards throughout that day until it proffers a solution.

One of the proposed solutions involved getting a new card issuer in the region so that normal operations for the MCO card program in Europe could commence.

However, Crypto.com does not need to go through with the stress of its proposed solution again, as FCA had provided written consent to lift the restrictions imposed on Wirecard activities today. Hence, people within the region can continue using their MCO visa card again.

Crypto.com had also broken the good news to its customers confirmed that it had resumed the operation of all Europe/ UK MCO Visa Cards. Having received balance refunds after the temporary halt, users will now have to top up their cards before using it.

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