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FCA freezes credit cards issued by WireCard (Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit) - Page 2
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FCA freezes credit cards issued by WireCard (Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit)

2

Comments

  • MechanicWebMechanicWeb Member, Patron Provider

    @momkin said: FCA says this is temporary freeze

    They said the same in previous incidents. No one received their money.

  • momkinmomkin Member

    @MechanicWeb said:

    @momkin said: FCA says this is temporary freeze

    They said the same in previous incidents. No one received their money.

    The past incident it was because of Money laundering it's far away from the current situation !

  • NeoonNeoon Community Contributor, Veteran

    @momkin said:

    @MechanicWeb said:

    @momkin said: FCA says this is temporary freeze

    They said the same in previous incidents. No one received their money.

    The past incident it was because of Money laundering it's far away from the current situation !

    Nah, I would not be so sure on that...
    "During its 20-year history, the company has been accused of money laundering, corruption and facilitating illegal gambling, although no charges"

  • momkinmomkin Member

    The thing i don't understand is how the money ended up in "wirecard" hands isn't supposed to be in the real bank ??

  • MechanicWebMechanicWeb Member, Patron Provider

    @momkin said: The past incident it was because of Money laundering it's far away from the current situation !

    Not really that far. They all were prepaid cards. Easier to build a case against.

    If a government wants to build a money laundering case against any institution, they will be able to build that. Their intention was to cease their funds, which they did, not to protect end users. The end users were not involved in money laundering, they got nothing back.

    The FCA is now completely silent about those incidents.

    Take a look at the CEO of Wirecard AG for example, He is in bail now. Did anyone freeze his bank accounts? No. Then one may rightfully ask why they didn't freeze his bank accounts?

  • MechanicWebMechanicWeb Member, Patron Provider

    @momkin said: The thing i don't understand is how the money ended up in "wirecard" hands isn't supposed to be in the real bank ??

    The actual money isn't in the hands of WIrecard. Wire Card Solutions Limited issued prepaid master cards. The money is in various US banks.

    But for the end users to access that money, FCA will need to unfreeze the master cards.

  • YmpkerYmpker Member

    Looking on fb there's so many ppl affected through Payoneer or Holvi. Damn..

  • vpsguyvpsguy Member

    Germany to overhaul accounting regulation after Wirecard collapse
    Watchdog’s powers to be transferred to BaFin as deputy finance minister calls for ‘radical solutions’

    https://www.ft.com/content/e037d830-cfd8-4bca-853d-d49f48e67f13

    Thanked by 1Razza
  • FranciscoFrancisco Top Host, Host Rep, Veteran
    edited June 2020

    @vpsguy said:
    Germany to overhaul accounting regulation after Wirecard collapse
    Watchdog’s powers to be transferred to BaFin as deputy finance minister calls for ‘radical solutions’

    https://www.ft.com/content/e037d830-cfd8-4bca-853d-d49f48e67f13

    Germany and final solutions never ends well.

    Francisco

  • vovlervovler Member

  • raindog308raindog308 Administrator, Veteran

    @Aidan said: EY messed up, no other way to say it.

    Internal controls compromise the largest part of a "bank" audit, the fact that executives at WireCard could override controls is unacceptable.

    Completely agree. Detecting that a company is falsifying information to alter its financial reports is the very definition of an audit.

  • NeoonNeoon Community Contributor, Veteran

    Well, you could join the class action lawsuit against EY maybe that brings you some money.

  • YmpkerYmpker Member

    Affected fintechs: Payoneer, Curve, Holvi, Kontist.. Nice one :D

  • @vovler said:

    Thank you posting this. I have about $1200 in the payoneer account and hoping to get funds withdrawn as soon as the hold is lifted.

  • LeviLevi Member

    @TheKiller said:

    @vovler said:

    Thank you posting this. I have about $1200 in the payoneer account and hoping to get funds withdrawn as soon as the hold is lifted.

    Don't keep your breath on this. First comes creditors and than customers.

    Thanked by 1TheKiller
  • YmpkerYmpker Member
    edited June 2020

    Wirecard's "Marsalek" who was involved into leading Wirecard for some 10 years initially said that he'd show up for a hearing with Munich authorities now announced through his lawyer he won't be doing so lol. Rumor has it he is looking to get in contact with a certain "Saul Goodman".

  • Anyone wondering about crypto.com and Kris Marszalek? Unrelated?

  • LeviLevi Member

    @fpmagic said:
    Anyone wondering about crypto.com and Kris Marszalek? Unrelated?

    News from crypto.com https://blog.crypto.com/our-statement-regarding-wirecard-uk/

  • I believe curve is now partially working, apparently they were already planning to move away from wirecard.

    Last update I saw is the card is working, not sure if android/apple pay is yet.

  • MechanicWebMechanicWeb Member, Patron Provider
    edited June 2020

    @raindog308 said:

    @Aidan said: EY messed up, no other way to say it.

    Internal controls compromise the largest part of a "bank" audit, the fact that executives at WireCard could override controls is unacceptable.

    Completely agree. Detecting that a company is falsifying information to alter its financial reports is the very definition of an audit.

    That's Wirecard AG in Germany. Wirecard AG's subsidiary Wirecard Bank AG in Germany is fully operational. Germany didn't freeze it, only restricted transaction between Wirecard AG and Wirecard Bank AG.

    Wirecard Solutions Limited is a UK company.

    The FCA could have done what Germany did and restricted any transaction between Wirecard AG and Wirecard Solutions Limited. They could even employ someone to oversee their activities, as Germany did to Wirecard Bank AG.

    The biggest concern is, the FCA didn't freeze the cards of US card holders, and a few others. They froze the cards of card holders who can't hold them accountable.

    This is questionable practice.

    This is not the first time they froze prepaid cards. They never allowed end users to withdraw their funds in the past incidents.

    This is why they are an outdated money mongering monster. None of their actions help end users.

  • MechanicWebMechanicWeb Member, Patron Provider

    @Neoon said:
    Well, you could join the class action lawsuit against EY maybe that brings you some money.

    Any class action suite would give more excuses to further freeze the process, and might land in anti-class action suites, too.

    @dragon2611 said:
    I believe curve is now partially working, apparently they were already planning to move away from wirecard.

    Last update I saw is the card is working, not sure if android/apple pay is yet.

    Curve was quick to bring an alternative card issuer, perhaps they are doing it in house now.

  • ExonHostExonHost Member, Host Rep

    Seems the situation is improving. FCA posted an update today morning.

    Update 29 June

    Following last week’s news of €1.9 billion missing from the accounts of the German company, Wirecard, we placed requirements on the firm’s UK business so that it should stop carrying out regulated activities and not pay out or reduce any money it holds. Our primary objective all along has been to protect the interests and money of consumers who use Wirecard.

    Teams from across the FCA have been working with the firm, and other international and UK authorities, over the weekend, and we have seen good progress by the firm in meeting the conditions we set.

    We are maintaining pressure on the firm to resolve these issues which would allow it to operate under certain conditions. However, we cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients' money is safe. We hope to be able to issue an update soon.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

  • vovlervovler Member
    edited June 2020

    “While the FCA has given off encouraging signs of progress in its audit of Wirecard Card Solutions, we have decided not to wait for the outcome. Even if there’s a shortfall, our intent is for Payoneer to fill the gap so that you get 100% of your money back."

    I wonder where they'll pull the money from... investors?

  • WebProjectWebProject Host Rep, Veteran

    The end is high:

    Wirecard Collapse Freezes Millions Of Online Bank Accounts: Will Customers Ever Get Their Money Back?
    https://www.forbes.com/sites/barrycollins/2020/06/28/wirecard-collapse-freezes-millions-of-online-bank-accounts-will-customers-ever-get-their-money-back/

  • MechanicWebMechanicWeb Member, Patron Provider

    Update from FCA:

    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    Folks, please share if you are experiencing any issues after this time.

  • momkinmomkin Member

    @MechanicWeb said:
    Update from FCA:

    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    Folks, please share if you are experiencing any issues after this time.

    where is your false and negative comments now ? :blush:

    Thanked by 1Adam1
  • jackbjackb Member, Host Rep
    edited June 2020

    @momkin said:

    @MechanicWeb said:
    Update from FCA:

    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    Folks, please share if you are experiencing any issues after this time.

    where is your false and negative comments now ? :blush:

    The UK government must have found the magic money tree so they don't need people's debit card deposits anymore..

  • momkinmomkin Member

    @jackb said:

    @momkin said:

    @MechanicWeb said:
    Update from FCA:

    On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.

    https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

    Folks, please share if you are experiencing any issues after this time.

    where is your false and negative comments now ? :blush:

    The UK government must have found the magic money tree so they don't need people's debit card deposits anymore..

    Bla bla bla your weird thoughts never ends , in the end the problem is fixed and our money is safe that's all what matters now !

  • MechanicWebMechanicWeb Member, Patron Provider
    edited June 2020

    @momkin said: where is your false and negative comments now ?

    @jackb said: The UK government must have found the magic money tree so they don't need people's debit card deposits anymore..

    The FCA's history isn't very bright with prepaid cards, which I have pointed out with proof in this thread. Those innocent end users still haven't got their money.

    What they did this time was also shady. They didn't freeze all Wirecard issued master cards. The spared the US citizens.

    So my point stands that FCA is a shady organization in its core.

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