Payments platform Wirex has temporarily suspended onboarding new U.K. customers following discussions with U.K. financial regulator the Financial Conduct Authority (FCA).
- The crypto-friendly firm announced Wednesday it will be using this pause to strengthen its anti-money laundering (AML) controls.
- Prospective customers will be invited to join a waiting list in the meantime, Wirex CEO Pavel Matveev announced.
- The FCA became an anti-money laundering and counter-terrorist financing supervisor for businesses in January 2020. Since then, crypto firms have raised concerns over delays in processing of their required registration applications.
- The company says it has 3.5 million customers worldwide.
- It announced the launch of a multi-currency Mastercard debit card in the U.K. and European Economic Area on March 9.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.