pc
nid 91432
Mar 24, 2026
csoo@vixio.com
United Kingdom
Financial Conduct Authority
horizon scanning
65% of draft length
draft in Generated
Generated
2140 charsUnited Kingdom's Financial Conduct Authority Varies Paywiser Limited's Authorisation and Imposes Cryptoasset Business Restrictions
On 7 October 2025, the Financial Conduct Authority (FCA) issued a First Supervisory Notice to Paywiser Limited (Reference Number: 901086), an authorised electronic money institution, varying its authorisation under the Electronic Money Regulations 2011 (EMR) and imposing a direction under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR).
The FCA identified serious concerns regarding Paywiser Limited's conduct of cryptoasset exchange activity without required registration. Between November 2021 and July 2025, the firm operated cryptoasset wallets through which approximately £195 million in USDT deposits were processed, executing over 3,300 transactions. The FCA determined the firm conducted this activity as a business in the United Kingdom, contrary to regulation 56(1)(f) of the MLR, which requires registration for cryptoasset exchange providers. The FCA also found the firm's sole shareholder and director lacks fitness and propriety, citing repeated provision of inaccurate and incomplete information to the Authority, including contradictory statements about the nature and scale of cryptoasset activities. Additionally, the FCA identified concerns regarding potentially fabricated board meeting minutes and inadequate risk management procedures.
The Requirements impose immediate restrictions: the firm must cease registering new customers and providing regulated electronic money or payment services without prior written FCA consent. The firm must notify all customers, banking partners, and payment services providers by 12 October 2025, display prominent notices on its website and at customer login, and submit weekly bank statements. The firm is prohibited from carrying on cryptoasset business requiring MLR registration. The firm must provide written compliance confirmation by 14 October 2025. These Requirements remain in force indefinitely unless varied or cancelled by the Authority. The firm may submit written representations by 22 October 2025 or refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days of this notice.
Agent draft
Not run yet.
Published
1392 charsUK's Financial Conduct Authority Varies Paywiser Ltd's Authorisation and Imposes Business Restrictions for Failure to Meet Authorisation Conditions
On March 23, 2026, the Financial Conduct Authority (FCA) published its first supervisory notice to Paywiser Limited, originally dated October 7, 2025, which varied its authorisation under the Electronic Money Regulations 2011 (EMRs) and imposed restrictions on its business activities.
The firm may no longer register or onboard any new customer without prior permission from the FCA. Additionally, it may no longer provide electronic money or payment services to existing customers.
The enforcement decision is based on serious concerns the FCA has identified, confirming that the firm no longer meets the conditions for authorisation under the EMRs. :
The FCA has identified that the Firm lacks effective procedures to identify, manage, monitor and report any risks to which it might be exposed, or adequate internal risk control mechanisms, proportionate to the scale and complexity of its business activities.
The FCA has also identified serious concerns that the firm’s sole shareholder is not a fit and proper person ( regulation 6(6)(a) of the EMR )
The FCA has identified that the Firm is carrying on a cryptoasset business without the registration required by the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs) and is therefore not complying with the EMR requirement to be included in the register of cryptoasset businesses under the MLRs.