UK Regulators Tell Allied Wallet To Cease Trading

UK regulators have told e-money issuer Allied Wallet to stop providing payment services, after federal authorities in the United States accused the company of facilitating fraudulent transactions worth millions of dollars.

The Financial Conduct Authority (FCA) issued a statement on Monday confirming it had required the firm, which provides payment facilitation services to merchants and acquirers in dozens of markets around the world, to cease trading.

“This is to protect the interests of Allied Wallet’s customers,” the regulator said. “Any customer with questions should contact the firm.”

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