Latest Debit Cards News

  • Binance’s Swipe-Powered Crypto Debit Card Debuts in Europe
    Binance’s Swipe-Powered Crypto Debit Card Debuts in Europe
    Binance Card, a highly anticipated crypto debit card by Binance, will support four cryptocurrencies at launch. Binance’s highly-anticipated cryptocurrency debit card, Binance Card, is officially debuting in countries of the European Economic Area, or EEA. Binance told Cointelegraph on July 14 that EEA-based users will be able to apply for a Binance Card starting in August.
  • Binance CEO CZ Showcases First Use of Binance Card
    Binance CEO CZ Showcases First Use of Binance Card
    Binance CEO Changpeng Zhao shows first beta transactions involving Binance’s long-anticipated crypto debit card, Binance Card. Binance’s CEO has just demonstrated the first use of Binance Card, a cryptocurrency debit card that was first announced by Binance in April 2020. In a July 10 tweet, Binance CEO Changpeng Zhao revealed that he is taking part in Binance Card beta testing, featuring transactions involving Binance’s native token, BNB. This story is developing and will be updated.
  • Wirecard Folds: A Blow to Crypto Cards, but a Chance for Blockchain
    Wirecard Folds: A Blow to Crypto Cards, but a Chance for Blockchain
    A temporary nuisance for crypto debit card holders, the Wirecard debacle reminds the public of the problems blockchain technology was designed to fix. Some of the most impactful frauds in modern history, from the Enron scandal to the Bernie Madoff investment scheme, were carried out by malignant actors inside or at the helm of corporate entities who manipulated the tangled, esoteric financial records.
  • European Crypto Cards Reactivate as FCA Allows Wirecard to Resume Operation
    European Crypto Cards Reactivate as FCA Allows Wirecard to Resume Operation
    Crypto.com and TenX’s crypto debit cards are usable again as UK regulators allow Wirecard to resume “regulated activity." Wirecard-issued crypto debit cards from companies like Crypto.com and TenX have been reactivated following permission from the United Kingdom’s Financial Conduct Authority, or FCA. On 29 June, the UK watchdog allowed Wirecard Card Solutions, a Newcastle-based subsidiary of troubled German company Wirecard AG, to resume regulated activity.
  • Crypto Debit Card Services Hit Hard as UK Financial Watchdog Suspends Wirecard Subsidiary
    Crypto Debit Card Services Hit Hard as UK Financial Watchdog Suspends Wirecard Subsidiary
    United Kingdom’s Financial Conduct Authority (FCA) has suspended Wirecard Card Solution Ltd, the Wirecard’s subsidiary responsible for the issuance of Visa crypto debit cards.
  • Wirecard: Crypto Card Users’ Funds Locked as UK Regulator Suspends Subsidiary
    Wirecard: Crypto Card Users’ Funds Locked as UK Regulator Suspends Subsidiary
    UK Financial Conduct Authority (FCA) on Friday suspended the license of Wirecard Card Solutions (WCS), a unit of troubled Wirecard AG, which is responsible for issuing Visa cryptocurrency debit cards.
  • Crypto.com, TenX crypto debit cards frozen following Wirecard scandal
    Crypto.com, TenX crypto debit cards frozen following Wirecard scandal
    UK and European customers of Crypto.com and TenX can no longer use their crypto debit cards.
  • Crypto Cards Affected as UK Regulator Suspends Wirecard Subsidiary
    Crypto Cards Affected as UK Regulator Suspends Wirecard Subsidiary
    Wirecard’s subsidiary that is responsible for issuing debit cards has been suspended as the company can no longer access customer funds. Wirecard’s subsidiary responsible for issuing debit cards, Wirecard Card Solutions Ltd., has been suspended by the United Kingdom’s Financial Conduct Authority, or FCA. According to a statement issued on June 26 by the regulator, Wirecard’s subsidiary is required to not dispose of any of its funds, stop conducting any of its regulated activity, and it must communicate on its website and to its customers that it is no longer permitted to conduct regulated activity. As of press time, however, such statements are not present on any of Wirecard’s websites, including the subsidiary’s dedicated domain. The FCA explained that following the news of the 1.9 billion euros shortfall in Wirecard, it began working with the card issuing subsidiary to ensure that customer funds are protected.
  • Troubled Debit Card Issuer Wirecard Files for Insolvency
    Troubled Debit Card Issuer Wirecard Files for Insolvency
    Wirecard is now filing for insolvency as a sudden $2.1 billion hole in its balance sheet wipes out 32% of the supposed assets owned by the company. Troubled fintech company Wirecard, which powers many of the crypto debit cards on the market, has reportedly filed to open insolvency proceedings. As reported by Wall Street Journal and others, Wirecard filed an application with the Munich district court to begin preparing for insolvency resolution procedures.  The company cited its “impending insolvency and over-indebtedness” as motivation for the filing, alluding to the $2.1 billion of its balance sheet that went missing. Events unfolded quickly for Wirecard since discovering that 32% of its balance sheet never existed.
  • Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company
    Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company
    The CEO of Wirecard, who resigned recently, was arrested by German police under accusations of conspiring to inflate assets and revenue to entice investors. The former chief executive officer of Wirecard, a German fintech company, has been detained by Munich police after being charged with misrepresenting the company’s balances. As reported by Reuters and many others, Markus Braun, who led the company for the better part of two decades, has been arrested by police in Munich, Germany.
  • Wirecard (WDI) Stocks Plunge 80% Following Cash Shortfall: Crypto.com’s Visa Card Unaffected
    Wirecard (WDI) Stocks Plunge 80% Following Cash Shortfall: Crypto.com’s Visa Card Unaffected
    Debit card provider and payment processor Wirecard AG, whose subsidiary issues visa debit cards for both Crypto.com and TenX, has failed to locate over $2 billion of lost assets.
  • Company behind crypto debit cards is missing $2 billion
    Company behind crypto debit cards is missing $2 billion
    Wirecard, a fintech company that operates the Crypto.com and TenX crypto debit cards, is in a massive financial hole, according to auditor Ernst & Young.
  • Crypto.com Joins Open Payments Coalition of Over 100 Million Users
    Crypto.com Joins Open Payments Coalition of Over 100 Million Users
    Crypto.com joined over 40 finance and technology firms by becoming a member of the Open Payments Coalition. Cryptocurrency debit card firm Crypto.com is now a member of the Open Payments Coalition, alongside more than 40 other finance and technology firms. According to a June 18 announcement, admittance to the Open Payments Coalition will add Crypto.com’s 2 million users to a payment network of over 100 million members. Open Payments Coalition members have access to the PayID system, which allows users to send payments in any currency between any platform involved in the coalition.
  • Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash
    Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash
    A German fintech company responsible for several crypto debit cards, including Crypto.com’s, allegedly misrepresented over $2 billion in cash reserves. Major fintech company WireCard, which issues Crypto.com’s debit cards, has fallen into controversy as some of its employees appear to have defrauded the company. As reported by the Financial Times on June 18, auditors from Big Four accounting company EY “could not confirm the existence of €1.9bn in cash,” or about $2.1 billion.  According to a statement from the company, a trustee of Wirecard’s bank accounts attempted to deceive the auditor and falsely indicate the existence of the cash balance. The company’s stock price plummeted by almost 50% on Thursday after the issue became known. According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade. Are crypto cards in jeopardy? Crypto.com’s popular debit cards are issued by WireCard, which could prove to be a problem for the company. While it is unlikely that user funds are directly threatened, the hole in the reserves could result in service disruptions on cards issued by WireCard.