Lithuania’s central bank has revoked UAB PayrNet’s license, causing potential card outages for crypto payment service Wirex in the European Economic Area. This highlights the need for proper licensing and compliance within the payment ecosystem and serves as a warning to other crypto payment companies.
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EU Debit Card Provider Cryptopay’s Setback: Navigating License Revocation & User Impact
Cryptopay users face potential disruptions as UAB PayrNet, a licensed Electronic Money Institution in Lithuania, loses its EMI license. The situation highlights the vulnerability of cryptocurrency companies to regulatory changes and the importance of financial safety for users and companies in this rapidly-evolving landscape.