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    Payoneer Service gets halted , as Wirecard files for insolvency

    Wirecard, a German fintech firm filed insolvency on Thursday. It has taken that action days after its ex CEO Markus Braun get arrested on allegation of market manipulation and false counting as 1.9 billion euros got missing on the balance sheet.

    Generally, a company files for insolvency when it fails to meet its financial commitments to the lenders when debt payments are due. On the press release, Wirecard says due to approaching insolvency and over-indebtedness it has filed an application in the Munich district court to open the proceeding for insolvency.

    However, according to the rule of Germany, a company who has filed for insolvency can operate their business as long as they have the hope to find the investor that will acquire it. When the news surfaced, the share value has fallen by 90% which has been a huge blow to the company profile.

    Payoneer Prepaid Mastercard – working under the Wirecard Card Solution Limited (WCSL) in the UK has halted any financial transaction by freezing any kind of prepaid card activity. The Financial Conduct Authority (FCA) which regulates WCSL has claimed that they are taking this step with the major objective of protecting the interest and money of the Wirecard customers.

    This has been shocking news to many customers as all the transactions have been freezes and the company says they wish these freeze will be temporary. 

    Here is the cropped email send by Payoneer to their Customers

    Payoneer email
    Payoneer email

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