MCO and TenX cards stop working in Europe

Many bitcoin debit cards make use of Wirecard to spend fiat moeny and all of them, including MCO and TenX cards have been informed to stop all activity on their card programs in Europe as-well-as UK. Anyone living in these areas will not be able to convert their crypto / bitcoin to fiat and spend it.

wirecard bankruptsy mco tenx

This news has impacted price of MCO and Tenx’s PAY tokens, both of which are deployed on Ethereum blockchain.

That said, both MCO and TenX teams have confirmed through their blogs and social media that the customer funds are safe. MCO team has confirmed that their team is busy processing credits to cryptocurrency wallets to fiat balances held on their cards. This will be done within 48 hours.

MCO team is also working to transfer their card program to new provider. Here is the thing – right now, there is no new provider in Europe so things can take some time before they return to normal.

Wirecard AG has filed for bankruptcy few days back and thus, almost all European bitcoin debit card holders are not able to process funds. Wirecard’s files show they filed for insolvency after 2 billion dollars went missing.