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.
- Wirex offers its users in-app buying, selling and transacting services in over 20 cryptocurrencies and fiat options, including BTC, ETH, XRP and XLM.
- 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.
See also: ‘Thrill’ and ‘Status’ Driving Young People to Crypto Investment, Says UK Financial Watchdog
Disclosure
The leader in blockchain news, 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.