Wirex Limited, an EU-based fintech firm that provides crypto/fiat payment options, announced on Thursday that it had become the third crypto-oriented company in the world to receive an e-money license from the UK Financial Conduct Authority (FCA), one of the top financial regulators. The license, with the number 902025, demonstrates that the cryptocurrency space is maturing and having a greater impact in the financial world.
Wirex co-founder Pavel Matveev commented on the event:
“Wirex pursued an FCA e-money license in order to improve and refine its e-money services throughout the EEA (European Economic Area). Having our own principal license, instead of our existing FCA agency license, means increased efficiency and lower costs.”
He noted that the new license would allow his firm to better serve the clients in the long-term by reducing the need for intermediaries. This means a more responsive user experience, lower costs, and faster processing across the entire range of services.
The FCA is known for its rigorous procedures before giving the green light to financial companies. This is also because London is one of the largest financial hubs in the world and imposes high standards within the financial industry. The FCA’s e-money licensing process requires up to nine months. For customers, such a license means the fintech firm meets the highest standards related to security, compliance, and business practices.
Wirex co-founder Dmitry Lazarichev stated:
“The license will not materially affect how we engage with our current clients, although they will benefit from more streamlined services and potentially even lower rates than we currently offer.”
“Wirex’s submission to the FCA’s jurisdiction should leave our 1.8 million users in no doubt that Wirex will provide them with a best-in-class platform and accompanying service,” he added.
Last month, we reported that Wirex added Ripple’s XRP cryptocurrency to its portfolio, saying that users could exchange and spend Ripple like fiat currencies.