Crypto.com to Refund Clients As Wirecard’s Card Issuer Told to Cease Operations
Crypto.com has confirmed to CoinDesk it is moving to refund customers as the U.K. regulator orders Wirecard’s card issuer to cease all operations immediately. Crypto.com CEO Kris Marszalek told CoinDesk they were refunding 100% of customer funds as the Financial Conduct Authority (FCA) suspended the activities of Wirecard Card Solutions, a subsidiary of the Wirecard Group, which filed for insolvency on Thursday after admitting last week to be missing $2.1 billion.
Friday’s announcement affects all cards issued by Wirecard Card Solutions, including those belonging to Crypto.com and TenX users. Both companies assured customers that their funds were safe, as they were held by a separate financial institution, but representatives refused to say whether they were looking for another card issuer.
