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FCA freezes credit cards issued by WireCard (Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit) - Page 3
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FCA freezes credit cards issued by WireCard (Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit)

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Comments

  • momkinmomkin Member

    @MechanicWeb said:

    @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.

    Maybe payoneer uses another different company to issues card for usa citizens didn't you think about that ?

  • MechanicWebMechanicWeb Member, Patron Provider

    @momkin said: Maybe payoneer uses another different company to issues card for usa citizens didn't you think about that ?

    FCA issued the freeze not on Payoneer, it was on Wirecard UK.

    Those US users' master cards were issued by Wirecard UK.

  • HostingbotHostingbot Member, Host Rep

    I heard about this and it sucks for me because Tmobile just gave me a 500 dollar gift card on a wirecard virtual debit card...

  • jackbjackb Member, Host Rep

    @momkin said:
    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 !

    I must have missed the /s

  • JordJord Moderator, Host Rep

    Hang on, so you are moaning at the FCA for stepping in to save client money, in all fairness the restrictions weren't imposed for long.

    Now if the FCA hadn't of stepped in and Wirecard moved the money. You would be moaning that the FCA hadn't stepped in and you've lost your money 😂

    Fucking hell dammed if you do, dammed if you don't. Least they made sure all your money was safe. Instead of it being moved and it disappeared for good.

  • MechanicWebMechanicWeb Member, Patron Provider

    @Jord said: Hang on, so you are moaning at the FCA for stepping in to save client money

    That's what they are supposed to do.

    But this time, this freeze wasn't on the all the cards issued by Wirecard UK. They never froze US users' master cards.

    in all fairness the restrictions weren't imposed for long.

    They received a tremendous backlash this time.

    You are ignoring the fact that they froze ePayments in February, 2020; and First Choice in 2017. The end users still haven't got their money.

    Now if the FCA hadn't of stepped in and Wirecard moved the money. You would be moaning that the FCA hadn't stepped in and you've lost your money 😂

    It wasn't possible for Wirecard UK to move end users' money. They needed to perform actual Mater Card transactions. E-money always resides in safeguarded accounts, in case companies, or the issuers fail. In this case, credit card funds were in safeguarded accounts in major US banks like Barclays and in other banks.

    Wirecard UK could only move their company's funds, not the issued master cards' funds.

    If FCA didn't have questionable intent, they could do what Germany did to Wirecard AG. Germany swiftly appointed an administrator for the Wirecard Bank AG, and restricted transactions between Wirecard Bank AG and Wirecard AG, after Wirecard AG Germany filed for insolvency.

  • ClouviderClouvider Member, Patron Provider

    @MechanicWeb said:
    credit card funds were in safeguarded accounts in major US banks like Barclays and in other banks.

    Well, first of all, Barclays is not a US bank.

    Second of all, I don’t think they were ever regulated to issue credit cards. Prepaid cards, yes. Debit or credit - not.

  • MechanicWebMechanicWeb Member, Patron Provider
    edited June 2020

    Folks,

    The first point should be whether the end users are getting their money.

    In the similar recent FCA incidents, the end users didn't receive anything. It is legitimate to question how they are protecting users when the users aren't getting their money.

    Barclays is just one of the banks the safeguarded accounts are in, including other major US banks.

    Those are actually prepaid cards. Any kind of E-money is regulated under UK law.

    Mostly the MSPs (Money Service Providers) like Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit, Holvi and others were affected.

    They issue e-money against prepaid cards. Payoneer alone has 5 million users in 200 countries who still cannot access their funds due to master card imposing another limitation triggered by the FCA incident.

  • momkinmomkin Member

    @MechanicWeb said:
    Folks,

    The first point should be whether the end users are getting their money.

    In the similar recent FCA incidents, the end users didn't receive anything. It is legitimate to question how they are protecting users when the users aren't getting their money.

    Barclays is just one of the banks the safeguarded accounts are in, including other major US banks.

    Those are actually prepaid cards. Any kind of E-money is regulated under UK law.

    Mostly the MSPs (Money Service Providers) like Payoneer, Crypto, Anna Money, Curve, FairFX, Pockit, Holvi and others were affected.

    They issue e-money against prepaid cards. Payoneer alone has 5 million users in 200 countries who still cannot access their funds due to master card imposing another limitation triggered by the FCA incident.

    I told you "ePayments" case is far different from this case , "ePayments" was accused for money laundering which very serious case and no one will get his money until the investigation is over !

  • @MechanicWeb said:

    @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.

    Technically, money is non-existent, that is: not in the banks either, for the most part. :)

  • @MechanicWeb said:

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

    I think so, pretty sure I read somewhere they have an agreement with mastercard directly and were already in the process of bringing it in house.

    I suspect the only reason they could react so quickly was they'd already had the plans and the majority of the systems in place to move away it's just the situation forced them to move a lot quicker than they would have liked.

  • MechanicWebMechanicWeb Member, Patron Provider

    @dragon2611 said: I suspect the only reason they could react so quickly was they'd already had the plans

    You are correct. In fact, they were evaluating their system and just made it available for the end users. Of course, that required some sincere effort on their part.

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