Wirex cards face potential outage in the European Economic Area (EEA) due to licensing issues with card provider UAB PayrNet.
UAB PayrNet’s electronic money institution license “for serious, systematic and multiple violations of legal acts.” Among other accusations, the central bank claimed that PayrNet failed to properly administer Anti-Money Laundering provisions to prevent its services from being used for illicit financing.
In its announcement, the Bank of Lithuania claimed that client funds are safe, saying that they are “safeguarded in separate dedicated accounts.” Cointelegraph has attempted to contact UAB PayrNet through email but did not receive a response by the time of publication. PayrNet’s director, Stephenas Couttie,claimed that the central bank’s actions are “not adequate for the violations committed," according to a Google translation of text from Lithuanian news site Verslo Žinios. This seems to imply that the director feels PayrNet is undergoing excessive punishment, disproportionate to the violations committed.
In its email to customers, Wirex said it is switching to Transact Payments Malta Limited to handle its debit card services. This plan was already in the works but is being accelerated due to the current problems. It is “working hard” with both PayrNet and Transact to get its debit card system up and running again as soon as possible.Wirex has been expanding its service offerings over the past two years.
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