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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"
The thing i don't understand is how the money ended up in "wirecard" hands isn't supposed to be in the real bank ??
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?
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.
Looking on fb there's so many ppl affected through Payoneer or Holvi. Damn..
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
Completely agree. Detecting that a company is falsifying information to alter its financial reports is the very definition of an audit.
Well, you could join the class action lawsuit against EY maybe that brings you some money.
Wirecard is beyond salvage:
https://markets.businessinsider.com/news/stocks/wirecard-is-beyond-salvagable-analyst-says-and-rivals-may-benefit-2020-6-1029347810
Affected fintechs: Payoneer, Curve, Holvi, Kontist.. Nice one
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 I have about $1200 in the payoneer account and hoping to get funds withdrawn as soon as the hold is lifted.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.
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?
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.
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.
Any class action suite would give more excuses to further freeze the process, and might land in anti-class action suites, too.
Curve was quick to bring an alternative card issuer, perhaps they are doing it in house now.
Seems the situation is improving. FCA posted an update today morning.
https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation
“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?
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/
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 ?
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 !
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.