Crypto-friendly digital payments company Wirex has paused the onboarding of new clients in the UK at the behest of the Financial Conduct Authority in order to strengthen its anti-money laundering controls.
The FCA took on supervisory responsibility for anti-money laundering in January last year and required existing crypto busineses to register with it by 15 December this year in order to enforce compliance.
The Wirex app allows users to buy, exchange and spend both cryptocurrencies and traditional fiat currencies in conjunction with a multicurrency payment card.
The company - which serves nearly 3.5 million customers worldwide - says it will dedicate resources to further strengthen its 5AMLD compliance protocols.
Pavel Matveev, co-founder & CEO of Wirex says: “The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow. We believe London is the capital of fintech and the FCA’s recommendations will help us create a stable environment to operate in.
"UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause."