Blockchain Platform Wirex Receives E-Money License From UK’s Financial Conduct Authority

News, Regulation | August 23, 2018 By:

Blockchain personal finance platform Wirex has obtained an e-money license from the UK Financial Conduct Authority (FCA).

Wirex is a provider of cryptocurrency wallets which are also linked to physical and virtual VISA debit cards. Wirex, which is operating in over 130 countries, recorded $2 billion in transactions to date. Earlier this year, Wirex announced contactless debit cards and became the industry’s first major wallet and card provider to add new Litecoin functionality.

Wirex said that it took the company 9 months to become one of the three companies to receive an e-money license from the FCA.

“Wirex pursued an FCA e-money license in order to improve and refine its e-money services throughout the EEA,” said Wirex co-founder Pavel Matveev. “Having our own principal licence, instead of our existing FCA agency license, means increased efficiency and lower costs. In the long-term, it will allow Wirex to better serve its customers, with less reliance on third parties. This should translate into a faster, more responsive user experience, as well as lower costs across all services.”

The UK’s FCA is one of the most stringent regulators in the world. It aims to ensure that regulated firms act in the best interests of consumers and provide them with appropriate products and services. E-money licenses allow firms to operate in 23 EU member nations.

Dmitry Lazarichev, co-founder of Wirex, said that the license will not materially affect how they engage with their current clients, although they will benefit from more streamlined services and potentially even lower rates than the company currently offers.

“The license is a testament to the fact that Wirex is committed to pursuing and achieving the highest levels of diligence and integrity in its business operations,” Lazarichev said. “As the FCA’s role is to protect consumers, maintain the stability of the financial services industry and promote healthy competition between financial services providers, Wirex’s submission to the FCA’s jurisdiction should leave our 1.8 million users in no doubt that Wirex will provide them with a best-in-class platform and accompanying service.”

Matveev added that Wirex is on an aggressive expansion path and in the process of obtaining licenses in Asian markets including Singapore and Japan, as well as expanding into North America.

“The new FCA license will enable Wirex to create additional e-money accounts in over 25 different currencies which means we can deliver a more bespoke service.”