(Rejected Double) Wirecard stock loses more than %90 stock value in 10 after $2 billion scandal and FCA suspension

The Financial Conduct Authority (FCA) suspended the license of Wirecard solution (WCDS), a cryptocurrency company that provides a virtual card for other company's to provide for their users. 

The Wirecard solution provides for other popular cryptocurrency virtual card providers, other services like crypto.com visa debit card and Tenx's visa card is no longer active, The two cryptocurrency company is powered by Wirecard. Since Wirecard has been temporarily suspended they will no longer be able to function at the time and users are not able to access their fund.

According to the report made by the official FCA UK website, they said: "Wirecard solution is no longer permitted to conduct any regulated activities” and “must not dispose of any assets or funds.” The regulator indicated that the decision was taken “in order to further protect customer money”.

“There are ongoing events in Germany concerning companies closely linked to Wirecard. Wirecard’s parent company, Wirecard AG based in Germany is currently the subject of law enforcement interest and insolvency proceedings,”

Crypto.com and Tenx's users are not able to access the fund associated with their card, so they had to tell their users that their funds are safe. Crypo.com told their users, that the FCA has shut down Wirecard UK, but not only UK card owners are not able to access their funds, even European card users. 

Kris Marszalek, the CEO of Crypto.com told the users: “Our EU/UK cards will stop working today. All customers will receive %100 credit back to their crypto wallets within 48 hours,” he also noted that they are working on using new card providers so that users will be able to use the service again and new users can join the program.

Tenx Twitter account tweeted, telling its customers that all their funds are maintained by Tenx and not the Wirecard solution.

On June 18, Wirecard reported missing about $2 billion from its account, they denied saying it was not true.

It has not been long when the CEO of Wirecard, was filled with insolvency with the debt of $4 billion, he was arrested for an allegation of manipulating financial records. He got out with a bail of about $5.6 million (£5 million) 

After the FCA suspended Wirecard, the value of their shares have quickly dropped with over %90 and got suspended from Frankfurt Stock Exchange.