Wirex, a well known global cryptocurrency/fiat platform have been awarded an e-money license by U.K’s FCA (Financial Conduct Authority), making Wirex the third crypto company to have been granted the license.
Acquiring a license from the FCA matters a great deal for any financial organisation but the occasion is all the more momentous for a company dealing in the cryptocurrency space. The cryptocurrency space has been under a great deal of scrutiny since the time Bitcoin started appearing in headlines. Having earned its license from the FCA in such an environment makes this accomplishment for Wirex much greater.
Addressing the news of Wirex having received its e-money license the co-founder of Wirex, Pavel Matveev, mentioned “Wirex pursued an FCA e-money licence in order to improve and refine its e-money services throughout the EEA. Having our own principal licence, instead of our existing FCA agency licence, means increased efficiency and lower costs”.
The co-founder acknowledged that looking forward, Wirex would be able to provide a better service for its customers. He added that this would be made possible by Wirex reducing its reliance on third parties resulting in a faster and more responsive experience, all achieved while costs are lowered across the board.
The Financial Conduct Authority enforces one of the most rigorous and stringent regulations upon financial institutions owing to London being the financial hub of the world. So the news of Wirex receiving the e-money license is indicative of Wirex having complied with the highest possible standards of security and business practices.
Matveev also spoke about the plans Wirex has going forward and mentioned, “Wirex’s UK e-money licence is just the first part of creating a much broader, value-added offering, which will more widely cater to both consumers and businesses alike. Wirex is on an aggressive expansion path and in the process of obtaining licences in Asian markets including Singapore and Japan, as well as expanding into North America. The new FCA licence will enable Wirex to create additional e-money accounts in over 25 different currencies which means we can deliver a more bespoke service”.
What is most noteworthy here is that Wirex gets its financial backing from large institutions and is not registered as an ICO company. Wirex actively distances itself from the ICO industry at large.