WireCard - hope this isnt another SATA
- Thread starter nitehawk
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huge relief for wirecard users but it's better to stay away from a company that works under FCA licence.
Is the wirecard UK stock separate from wirecard AG ?
Also concerning wirecard UK, true the funds are unfrozen, and all the wirecard clients (curve, payoneer etc) are saying to their customers in 24 hours you can spend online and withdraw using ATMs, and that the FCA said there are no immediate concerns, I'm assuming most of the clients will look for other solutions .. It's just stupid not to. In fact Payoneer said that multiple times, they are already "ramping up" new issuance capabilities.
My point is, even if there are no future problems and the company continues to operate, everybody will be running as they should.
Last edited: Jun 30, 2020
Been using Skrill for years. They are a million dollar company, regulated by the FCA and other financial regulator bodies. They're part of the Paysafe: group. I don't know why you would doubt Skrill in any way. More People use Paypal than Skrill to sell all kinds of crap and please don't say Paypal is a shady company.
Here is a thought experiment.
Someone sells you something via paypal, turns out it's not what you expected. There are mechanisms that gets you your money back.
Same person sells you the same thing via Skrill. You have no protection and you lose your money.
That's the reason people operating in black / greyish areas are pushing Skrill.
They have not even paid their staff's June salary and you want shares in such a company...lol.
https://www.msn.com/en-us/finance/c...-staff-as-salaries-fail-to-arrive/ar-BB169uRL
I agree they should 100% run at first opportunity thu&¤#.
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Wirecard is beyond done. 12 public prosecutors + bafin in the crosshairs. Germany will make an example out of them. That is not even taking the other lawsuits in account. It will be sold off in pieces under administration as best case scenario.
It looks like cards are back up and running now, a source advises such. He's withdrawing as much as he can before WCSL go pop, it can only be a matter of days.
Here is the situation now, at least for Payoneer, I'm not sure how curve or other clients of Wirecard UK are handling this.
Funds in the cards are unfrozen, but you can ONLY use them with your card. Meaning you are allowed to withdraw cash in ATMs, checkout online and in stores. However, you can't withdraw funds from your card to your bank account (They are limiting the amounts withdrawn with this measure, because obviously there are ATM limits).
So basically they are allowing normal people to continue operating (which is great), but until July 6th, apparently the FCA is still investigating, and won't allow bank withdrawal until that date.
Payoneer is allowing people to use their cards, but people can't add any new money to those cards. All incoming funds are being held in payoneer virtual balances ... Payoneer are saying they are working on ways so people can "make payments" using those virtual balances in the near future (I'm assuming virtual cards maybe I don't know), and of course way down the road find a new card issuer or get a licence and issue cards themselves.
All in all, stituation still unclear, but I really like what the FCA did. They allowed people who depend on the cards to continue their day to day lives, while still holding back on big bank withdrawals ..
Funds in the cards are unfrozen, but you can ONLY use them with your card. Meaning you are allowed to withdraw cash in ATMs, checkout online and in stores. However, you can't withdraw funds from your card to your bank account (They are limiting the amounts withdrawn with this measure, because obviously there are ATM limits).
So basically they are allowing normal people to continue operating (which is great), but until July 6th, apparently the FCA is still investigating, and won't allow bank withdrawal until that date.
Payoneer is allowing people to use their cards, but people can't add any new money to those cards. All incoming funds are being held in payoneer virtual balances ... Payoneer are saying they are working on ways so people can "make payments" using those virtual balances in the near future (I'm assuming virtual cards maybe I don't know), and of course way down the road find a new card issuer or get a licence and issue cards themselves.
All in all, stituation still unclear, but I really like what the FCA did. They allowed people who depend on the cards to continue their day to day lives, while still holding back on big bank withdrawals ..
Hummm.....so you can't run away to safety with all your money basically?
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I know what you are implying, but even before this whole situation started, there were limits one the amount of money that was allowed on the card itself. the excess is always in the virtual Payoneer balance. The limit is $10k.
So you can still run away with anything above $10k. Less than that, you should be able to withdraw via ATM till July 6th anyway.
I don't see a problem with that, unless you are hiding something, which is what they are looking for.
More pseudo rules and regulation coming to Germany. The inevitable knee jerk reaction. At least the UK's FCA realized that their toes were smashing into innocent ballz.
Does somebody know in more detail what "overhaul to accounting" requirements is Germany now planning? An amendment is required in audit approval requirements. The crook can account according to the new standard, create new lines, pages, documents, entire books - out of thin air.
How about a default assumption to the audit process that every 1.9bn€ deposit certificate is fake until legitimacy is confirmed by the issuing third party?
Btw. Congrats to everyone who had something frozen unfrozen!
Does somebody know in more detail what "overhaul to accounting" requirements is Germany now planning? An amendment is required in audit approval requirements. The crook can account according to the new standard, create new lines, pages, documents, entire books - out of thin air.
How about a default assumption to the audit process that every 1.9bn€ deposit certificate is fake until legitimacy is confirmed by the issuing third party?
Btw. Congrats to everyone who had something frozen unfrozen!
I don't think he is saying Skrill is not a legit company - rather that Skrill is a favorite service of scammers because Skrill does not protect buyers. For that reason i will never pay for anything using Skrill, but i still may use it to receive funds.
With paypal, it is very, very difficult to get scammed because of buyer protection, so scammers dont like using it.
i don't remember that i was scammed with skrill even back when some imbecile tried to do it i forced him to return funds then he ask me for help to get him a lawyer to sue skrill lol.
but i can't say the same for gaypal . in fact gaypal is really nightmare and has irrelevant support that follow a script , an experienced scammer can utilize that script and run away with money.
also check how many times their clients complain about limited accounts with 5-6 figures .
Last edited: Jul 2, 2020
Isn't that what the n**i's said to the Jews?
Yeah German government is gonna ban using screenshots as proof of billions deposited with a bank smi(&%. I blame the big banks who loaned money to wirecard. They would ask for more proof from a man on the street seeking a $2,000 loan.
Reminds me of story of Allen Stanford and his Antigua bank with fake certificates of deposits. No lessons have been learnt from that event.
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Never let a good crisis go to waste!
Thanks!
I got lazy lately, this was a good reminder to start moving again ..
Well, ING is one of the big boys who got munched by the Wirecard default. But since ING can create new money out of thin air by issuing a loan, what did they really lose here?
It's not like they took 1:1 euros from customer deposits. It's more like 5 euro cents to back an euro on the outstanding loan book. The rest, 95 cents, is a crime called counterfeiting money.
That's what they lost to Wirecard crisis - the counterfeit money they never had.
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Next up, we have those who now sue EY. Because it's not easy to let go, I understand. But unless the law clearly prohibits screenshots and unconfirmed certificates to be considered in the audit process, it's just a matter of opinion of sufficiency. One must ask for 3 drops of virgin blood and more to entirely rule out the possibility of a fraud.
Clearly, EY was not up to standards of the big 4; are there grounds for a conviction and compensation to investors? Probably not. Tough luck. But at least among those suing, some private investors lost real money, unlike the ING bank which lost Monopoly dollars.
It's not like they took 1:1 euros from customer deposits. It's more like 5 euro cents to back an euro on the outstanding loan book. The rest, 95 cents, is a crime called counterfeiting money.
That's what they lost to Wirecard crisis - the counterfeit money they never had.
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Next up, we have those who now sue EY. Because it's not easy to let go, I understand. But unless the law clearly prohibits screenshots and unconfirmed certificates to be considered in the audit process, it's just a matter of opinion of sufficiency. One must ask for 3 drops of virgin blood and more to entirely rule out the possibility of a fraud.
Clearly, EY was not up to standards of the big 4; are there grounds for a conviction and compensation to investors? Probably not. Tough luck. But at least among those suing, some private investors lost real money, unlike the ING bank which lost Monopoly dollars.
I've had completely opposite experience with paypal, I won basically every single 'dispute' as a buyer. Yes as a seller, Paypal can be very bad and they are not gonna side with you.
I was scammed on skrill once and I called the credit card company - they said they can't do chargebacks with Skrill because Skrill is like "western union" and once the money is sent, it's gone for good
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