Wirex, a global payments platform active in the crypto sector, will be restarting services for UK consumers following “constructive dialogue” with the UK Financial Conduct Authority (FCA). Wirex, based in London, reports over 5 million customers worldwide.
In March 2021, Wirex announced it would pause certain services due to changes in the UK regulatory environment. Wirex stated at the time:
“These temporary measures have been put in place following updated guidance from the FCA. Wirex is currently one of a small number of companies in the UK operating under the Temporary Permissions Regime (TPR), with the aim of receiving permanent registration. Implementing these temporary measures will ensure that Wirex is operating at the highest possible standard. There will, unfortunately, be some disruption to our UK-based customers as we implement them, which we expect to last for a number of weeks. Please note that these temporary measures only apply to customers in the UK and will not affect customers in the EEA. We will inform you of any further updates as soon as we can. In the meantime, you can find more information and ask any questions you may have in the Community Forum. “
The pause went from weeks to months to over a year. Today, Wirex has recommenced its UK operations allowing users to buy, hold, exchange and sell multiple different currencies from a centralized app.
Wirex said that new UK users will now be able to order Wirex’s Mastercard debit card and will now have access to daily top-up and spending limits, OTC exchange rates, and zero fees on FX and transfers to contacts.
Pavel Matveev, CEO and co-founder of Wirex, issued the following statement:
“As we work towards financial inclusion, it’s vital to collaborate with industry regulators to ensure security and transparency for all users. We’re grateful to have worked alongside the FCA as we proactively contribute towards building a stable and innovative environment for fintech companies operating in the UK. We’re delighted that users will not only have access to Wirex’s arsenal of industry-leading products, but also the knowledge that we’re operating with the best practices for our users and that we’re leading by example in the fintech sector.”
Wirex added that it plans to add to its UK product offering by launching Faster Payments in the Wirex app as well as more account functionalities for GBP holders with the integration of account numbers and sort codes.