UK’s FCA orders electronic money issuer Nvayo to suspend operations
The UK’s Financial Conduct Authority (FCA) has directed electronic money issuer Nvayo to suspend all activities in regard to its electronic money authorisation.
FCA orders Nvayo to suspend operations
In a notice on its website, Nvayo states that it is currently unable to accept any new customers or forms of payment to load onto customer wallets and prepaid cards.
For existing users, their prepaid cards will not work at any merchant or ATM, and customers will not be able to make payments to their own bank accounts or to the account of a third party.
Founded in 2008 and headquartered in London, UK, Nvayo provides a range of financial services including issuance of electronic money, payment processing, foreign exchange and issuance of payment cards.
“Nvayo is working with the FCA to resolve their concerns and hope to find a solution that will allow activities to restart,” the firm states on its website.
The FCA reportedly imposed its restrictions on Nvayo in August, after which the firm was asked to comply.
The news follows Nvayo’s owner, Christopher Scanlon, being arrested in the US in May over charges of illegally operating an “unlicensed” money transmitting business.
According to a press release from the US Department of Justice, Scanlon, a UK resident who also ran Nvayo’s affiliate brands Aurae Lifestyle and Club Swann, provided financial services for “several high-net-worth Aurae Lifestyle customers” through US-based banks and cryptocurrency companies.
While there is no mention on Scanlon on Nvayo’s website, it currently displays Christopher Jacklin and Amadeo Pellicce as its interim co-CEOs.
