“Cryptopay EU Card Provider Loses License, Company Assures Funds are Safe”

Cryptopay’s EMI License Revoked, Cardholders Advised to Use or Transfer Their Funds

Cryptopay, the European Union’s debit card provider, has had its Electronic Money Institution (EMI) license revoked, as stated in an email sent to customers on June 22. The company has advised EU cardholders to use or transfer their funds from their cards right away. Cryptopay assured Cointelegraph that funds held in the app are secure.

Cryptopay had been relying on UAB PayrNet, an authorized EMI in Lithuania, to supply its European customers with debit card services. However, PayrNet’s license was revoked by Lithuania’s central bank, which could potentially cause users’ funds to be trapped on their cards for a period of time.

An email declared that only money transferred to a user’s debit card would be impacted. Otherwise, “this issue has no effect on your Cryptopay account and it will continue to function as normal.”

Cryptopay advises that funds which have already been moved to a card should be utilized or sent away “immediately”. This can be done by buying crypto with the card, taking out cash from an ATM, transferring it to a different card, or simply spending the money at a store.

Cryptopay made it known that even if a customer’s card ceases to function, they can still retrieve the money from UAB PayrNet. Cryptopay offered their assistance in this process if needed.

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In an email exchange with Cointelegraph, a Cryptopay representative specified that the issue mostly impacts users in the EU. However, users in the UK may be temporarily affected as the company has “deactivated card services to ensure operational consistency”. These services should be operational again within “a few days” in the UK.

Konstantin Gorin, the head of support at Cryptopay, declared that the firm has previously faced crises from the banking system, and he is confident that they are prepared to confront this current difficulty.

Gorin asserted that the team had already begun developing a new debit program, saying, “Our priority is to ensure that our affected clients are taken care of; after that, we’re in the process of creating a new card programme solution for them and us.”

Mastercard Incorporates Stablecoins Into Its Payment System in Asia-Pacific

In June 2020, Wirecard, a prominent debit card issuer, declared bankruptcy. At the time, it had become a popular choice for crypto companies, such as Cryptopay, to use as a debit card provider. Following the bankruptcy, Cryptopay relaunched its program with a different provider.

Despite the ongoing difficulties in the crypto debit card sector, there are also indications that debit card firms are becoming more open to cryptocurrencies. In March, Mastercard declared that it would incorporate stablecoins into its payment system in the Asia-Pacific area, allowing them to be accepted in those places where Mastercard is accepted.