Temporary Changes for UK Customers

Region: Europe
Apr 8, 2021, 9:00:00 AM Published By Wirex Team

Update 08/04/21: Further Changes to Existing UK Customers’ Wirex Accounts

Following our announcement on 23/03/21 to temporarily pause onboarding new UK customers, there have been further temporary changes to existing UK customers’ Wirex accounts.

The following measures are in line with guidance from the Financial Conduct Authority (FCA) and apply to all UK-registered customers. They will come into effect from 12pm BST on the 8th of April 2021.

Adding funds to currency accounts

From the 8th of April 2021, you will be temporarily unable to add funds to your currency accounts via bank transfer or using a credit or debit card. You will also be temporarily unable to make fiat-to-cryptocurrency exchanges in the Wirex app.

You will still be able to exchange your existing cryptocurrency into fiat currency and cryptocurrency in-app, which you can then spend with your Wirex card or withdraw from an ATM.

Sending and receiving money to and from other Wirex customers will also remain unaffected during this time, as will transferring cryptocurrency to external wallets.

Why are we making these changes and when will full functionality be restored?

These temporary measures have been put in place following updated guidance from the FCA. Wirex is currently one of a small number of companies in the UK operating under the Temporary Permissions Regime (TPR), with the aim of receiving permanent registration.

Implementing these temporary measures will ensure that Wirex is operating at the highest possible standard. There will unfortunately be some disruption to our UK-based customers as we implement them, which we expect to last for a number of weeks.

Please note that these temporary measures only apply to customers in the UK and will not affect customers in the EEA.

We will inform you of any further updates as soon as we can. In the meantime, you can find more information and ask any questions you may have in the Community Forum. 

23/03/21: Temporary pause on recruiting new UK customers

The Fintech company Wirex has announced its decision to voluntarily pause new UK customers of its popular app as of 24th March 2021. The pause is a temporary measure and follows constructive dialogue with the Financial Conduct Authority (FCA), the UK regulator.

From this date, Wirex will temporarily pause accepting new clients who are resident in the UK. The company – which serves nearly 3.5 million customers worldwide – will dedicate resources to further strengthen its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols, conforming with the updated best practice guidelines set by the UK regulator. As Pavel Matveev, Co-Founder & CEO of Wirex explains:

“As a fintech with a global outlook, we're at the frontier of making cryptocurrencies accessible to the widest possible audience. The UK’s ‘5AMLD’ will help increase transparency in financial transactions. 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. We fully endorse the Kalifa Fintech Review findings about growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this. UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause.’’

A global business with offices around the world, Wirex has experienced explosive growth during the last two years, driven by its expansion worldwide and a heightened public interest in cryptocurrencies. The Wirex app allows users to buy, exchange and spend both cryptocurrencies and traditional fiat currencies in conjunction with a multicurrency payment card.

We've temporarily paused new UK users. Register now and we'll be in touch as soon as the service is up and running.

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