Cryptopay EU card provider loses license, company says card funds are safe
The EU Cryptopay cards may stop working soon as the Bank of Lithuania has revoked the EMI license of the app’s provider, UAB PayrNet. The European Union debit card provider for Cryptopay has lost its Electronic Money Institution (EMI) 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 June 22 email. Source: Cryptopay Cryptopay had been using UAB PayrNet, a license d EMI in Lithuania, to provide its EU customers with debit card services. But PayrNet’s license was revoked by Lithuania’s central bank, leading to the risk that users’ funds may become temporarily stuck on their cards. An email stated that only funds transferred to a user’s debit card would be affected. Otherwise, “this issue in no way influences your Cryptopay account which shall continue business as usual.” As for fun...