Home Trending News Cryptopay EU Card Provider Loses License, Company Says Card Funds Are Safe

Cryptopay EU Card Provider Loses License, Company Says Card Funds Are Safe

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Cryptopay-EU-Card-Provider-Loses-License-Company-Says-Card-Funds-Are-Safe-Crypto-Insiders-Hong-Kong-Blockchain-News

Introduction

Cryptopay, a popular EU-based cryptocurrency card provider, has recently lost its license to operate. The company has assured its customers that their card funds are safe, despite the setback.

According to a statement released by Cryptopay, the company’s license was revoked by the Financial Conduct Authority (FCA) in the UK. The FCA is the regulatory body responsible for overseeing financial services companies in the UK.

Cryptopay’s license was reportedly revoked due to concerns over the company’s anti-money laundering (AML) and counter-terrorism financing (CTF) policies. However, the company has stated that it is working to address these concerns and hopes to regain its license in the future.

Cryptopay Assures Customers That Card Funds Are Safe

In its statement, Cryptopay sought to reassure its customers that their card funds are safe and that they can continue to use their cards as normal.

The company explained that all customer funds are held in segregated accounts with a regulated bank and that these funds are not affected by the loss of its license.

Cryptopay also said that it is working to ensure that its customers can continue to use their cards without interruption. The company is reportedly in talks with other card providers to explore alternative solutions.

The Future of Cryptopay

Despite the setback, Cryptopay is optimistic about its future. The company has stated that it is committed to providing its customers with a reliable and secure cryptocurrency card service.

Cryptopay has said that it will continue to work with regulators to address any concerns and regain its license. The company has also expressed its gratitude to its customers for their continued support during this challenging time.

Related:Who is Prometheum and What They Testified to Congress About Crypto & SEC

Conclusion

Cryptopay, the EU-based card provider, has lost its license to operate due to concerns over its AML and CTF policies. However, the company has assured its customers that their card funds are safe and that it is working to address the issues that led to the license revocation.

Cryptopay is optimistic about its future and remains committed to providing its customers with a reliable and secure cryptocurrency card service.

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