Digital payments platform Wirex announced on Wednesday it is temporarily pausing to recruit new UK customers. According to Wirex, the temporary pause follows constructive dialogue with UK regulator, the Financial Conduct Authority (FCA).
Wirex further revealed that as part of the pause, it 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 and CEO of Wirex, shared more details about the pause by stating:
“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 Khalifa Fintech Review findings about growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this.”
Matveev went on to add that UK-based users interested in registering for the Wirex and card will be invited to join its waiting list during this temporary pause.
As previously reported, Wirex is a UK FCA-licenced global digital payment platform that has forged new rules in the digital money arena. The company also claims it is the only platform that allows access to OTC and interbank rates for crypto and traditional currency exchanges respectively, ensuring the platform’s users always get the best deal. The platform recently raised £3,701,909 through its equity crowdfunding campaign on Crowdcube.