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Tuesday, May 17, 2022

Wirecard AG Start Operation After FCA Lift Restrictions

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Wirecard AG [WDI.DE] resumed its operations after FCA of UK provide an authorization to Wirecard to re-start payment & e-money services. FCA has ceased the functions of Wirecard AG after alleged $7.2 billion accounting scandal in its parent company.

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British watchdog has said that it is going to continue to keep an eye on the Wirecard processes. Thousands of Brits will be able to access their money again. WDI.DE said that there might be a delay before all the programs are fully functional.

Some users are unable to access cash immediately, but the company is striving to resolve the issue as soon as possible. The firm said last week that it has identified the 1 .9 billion Euro ($2.1 billion) hole in its balance sheet. CEO Markus Braun also left his position and currently out on bail after he was arrested in Munich.

FCA said that they were in negotiations with Wirecard AG for the last few days to talk about the certain conditions required to lift the suspension. After agreeing on the conditions, FCA has allowed Wirecard AG to start its work again.

The FCA disclosed that the limits were intended to safeguard the cash of customers. But the move has worried few customers for last few days.

On the other hand, US subsidiary of WDI.DE has stated that it has taken the decision to sell its business, but also declare that the cardholders and customers will remain safe and protected. Wirecard AG (WDI.DE) shares soared 93.22% and up +3.04 at $6.30 during the current trading session. It has opened at $5.10 and has a previous close of $3.26. WDI.DE had a trading volume of 25,493,782 as contrasted to the average volume of 6,678,708. It has total market capitalization of 778.466 million.

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