Airbnb hosts report that some accounts, prepaid cards and funds are currently frozen by Payoneer. It is still shown as available payout method, but Airbnb is already advising to use alternatives if possible.
Are they anything to do with Wire Card?
As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. Today, the Financial Conduct Authority (FCA) which regulates WCSL, issued requirements on WCSL, freezing all prepaid card activity for the time being. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.
What does this mean? The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.
From the above link.
Yes. Wirecard AG is going into insolvency now and was rocked last week by allegations 2$ billions of fraud. Wirecard Solutions is based in the UK subsidiary company of Wirecard AG that issued cards for Payoneer and is regulated by the UK government Financial Conduct Authority. The FCA currently stopped Wirecard Solutions from operation to prevent them transferring assets to the parent company during the audit/ investigation.
We watched this unfold during the week, from when EY reported that Wirecard had “lost” 2 billion quid, with growing incredulity. Mr Joan works in the City banking sector (IT, not a banker…) including a 2 year stint with the FCA. I have never seen such astonishment on his face as the news kept breaking; CEO resigns, CEO arrested, EY making excuses for themselves.
This is on a par with Enron.
Thank you for covering my laziness. I was still half asleep.
By EY, do you mean Ernst and Young?
I was stuck at Egg Yolk.
Yup. I think they changed their title/branding after their last auditing debacle, like Arthur Anderson did.