By
Chimamanda U. Martha
April 15th, 2024
On August 21st, digital money platform was granted a UK Financial Conduct Authority e-money licence, which means that Wirex is trustworthy and committed to maintaining high compliance standards in its business operations.
Popular digital money platform Wirex has been awarded an e-money licence by the Financial Conduct Authority (FCA) in the UK.
We are more than proud to announce that Wirex Limited is only the third #crypto-friendly company in the world to have been granted an FCA e-money licence ✅✅
What does this mean for us? And more importantly, for you? https://t.co/NC2VivcG93— Wirex (@wirexapp) August 23, 2018
The Financial Conduct Authority (FCA) is responsible for regulating financial services in the UK to protect the rights of consumers and the wider economy. The FCA’s aim is to ensure that regulated firms act in the best interests of consumers and provide them with appropriate products and services. Getting an e-money license from FCA is an important achievement for any organisation and cryptocurrency-friendly companies in particular. FCA license is considered prestigious, because disagreements between the clients and companies licensed by the FCA are resolved as quickly as possible, as FCA quickly deals with the situation, and decisions are legitimate.
Obtaining a license may last up to 8-12 months, for Wirex it took 9 months to become one of the three companies to receive it. Wirex co-founder Dmitry Lazarichev said:
“Acquiring an FCA licence has been our ambition since we started the company, so we’re thrilled to be at this point. The licence gives us the freedom to optimise our e-money offering, which will lead to lower costs and fees for our customers.”
According to the press release, the FCA licence cements Wirex’s position as a reputable financial institution and sets it apart from the unregulated, often insalubrious world of ICOs. Lazarichev believes that getting the license also means reduced costs and decreased reliance on third parties, which will translate into improved services and a better overall user experience in the long-term. Moreover, the licence assures users that Wirex is trustworthy and committed to maintaining high compliance standards in its business operations.
As Wirex co-founder Pavel Matveev says, working closely with regulators around the world is testament to Wirex’s robust approach to security and compliance, that’s why the company is planning to get similar accreditation in other countries.
“We’re on a path of continuous improvement and focusing on these important milestones is key to achieving our ambitious global expansion plans. The FCA e-money licence is just the first step to creating a broad and versatile offering that meets the varying needs of consumers worldwide.”
Matveev added:
“We are aiming to bring crypto to the mainstream while also providing an innovative, complete solution for managing both crypto and fiat money day-to-day. We’re delighted to be able to take this next step and push forward with these internationally-recognised credentials in place.”
Currently, FCA regulates over 56,000 companies and 125,000 approved persons, which contribute around 12 percent to the UK gross domestic product, and t is essential for them to meet the most stringent of standards to promote a stable and secure economy.