The Fintech company Wirex has announced its decision to voluntarily pause new UK customers of its popular app as of 24th March 2021. The pause is a temporary measure and follows constructive dialogue with the Financial Conduct Authority (FCA), the UK regulator.
From this date, Wirex will temporarily pause accepting new clients who are resident in the UK. The company – which serves nearly 3.5 million customers worldwide – will dedicate resources to further strengthen its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols, conforming with the updated best practice guidelines set by the UK regulator.
Pavel Matveev, Co-Founder & CEO of Wirex said: “As a fintech with a global outlook, we’re at the frontier of making cryptocurrencies accessible to the widest possible audience. The UK’s ‘5AMLD’ will help increase transparency in financial transactions. The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow.
“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 Kalifa Fintech Review findings about 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 is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex is based in London, with offices in Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta. With over $5billion worth of transactions processed already and rapid expansion into new territories, including the US and Japan, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.
A global business with offices around the world, w during the last two years, driven by its expansion worldwide and a heightened public interest in cryptocurrencies. The Wirex app allows users to buy, exchange and spend both cryptocurrencies and traditional fiat currencies in conjunction with a multicurrency payment card.