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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.
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...
I must have missed the /s
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.
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.
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.
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.
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.
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 !
Technically, money is non-existent, that is: not in the banks either, for the most part.
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.
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.