Cryptopay tells EU users to transfer funds from cards as partner loses its license.
The European Union debit card provider for Cryptopay has lost its Electronic Money Institution license, according to a June 22 email sent to its customers. The company recommends to EU cardholders that they should immediately spend or transfer funds from their cards. Funds held in the app’s accounts are safe, Cryptopay told Cointelegraph.Cryptopay had been using UAB PayrNet, a licensed EMI in Lithuania, to provide its EU customers with debit card services.
As for funds that have already been transferred to a card, Cryptopay recommends that they be spent or transferred away “as soon as possible.” This can be done by using the card to buy crypto, withdrawing it as cash from an ATM, transferring it to a different card or simply spending the money at a store.
Cryptopay head of support Konstantin Gorin stated that the company has dealt with crises from the banking system in the past, and he believes the company is ready to tackle this present challenge:
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