Cryptopay EU card supplier loses license, firm says card funds are protected

The European Union debit card supplier for Cryptopay has misplaced its Digital Cash Establishment (EMI) license, in keeping with a June 22 e-mail despatched to its clients. The corporate recommends to EU cardholders that they need to instantly spend or switch funds from their playing cards. Funds held within the app’s accounts are protected, Cryptopay informed Cointelegraph.

Cryptopay had been utilizing UAB PayrNet, a licensed EMI in Lithuania, to supply its EU clients with debit card providers. However PayrNet’s license was revoked by Lithuania’s central financial institution, resulting in the chance that customers’ funds could grow to be briefly caught on their playing cards.

Proceed Studying on Coin Telegraph