The UK financial watchdog lifted restrictions on German payments company Wirecard, which allowed it to resume payment activities.
The Financial Conduct Authority (FCA) imposed restrictions on the company’s arm in the UK after its collapse last week.
Thousands of people were unable to access their money or make payments through apps as a result.
“Our primary goal throughout was to protect the interests and money of consumers,” the authority said.
Customers should now, or very soon, use their cards as normal.
“We have worked closely with Wirecard UK and other authorities over the past few days to ensure that the company has been able to meet some of the requirements required to lift the restrictions we have imposed on it.” The authority said in a statement.
“We are now in a position to allow Wirecard to resume operational activity.”
Many British technology companies were forced to suspend services due to FCA restrictions, which resulted in thousands of accounts being blocked.
For example, Pockit’s payment cards were locked online because they used Wirecard’s payment processing service.
“She left with nothing.”
Dawn Guilfoyle is one of thousands who were prevented from using their cash cards due to the failure of the large German payments company Wirecard.
“It is really bad,” she says. “She was left with nothing.” “Once the gas explodes, I will have nothing to cook or hot water.”
Ms. Guilfoyle’s card, from Pockit Corporation, was frozen online because the FCA wanted to make sure the money was safe.
Read more about her story here.
The commission said that any customers who still experience difficulties using their card should contact the card provider directly.
The action came after German parent company Wirecard last week revealed a gap in its accounts of 1.9 billion euros (1.7 billion pounds), after which it filed for bankruptcy.
Former President Marcus Brown was arrested and accused of inflating Wirecard’s money to make it appear healthier to investors and clients.
On Monday, the FSA said: “There are still certain requirements in place, which have been imposed on Wirecard’s permission.
“These requirements include restrictions on where you can hold customer funds and restrictions on their ability to transfer their own assets.”
She added, “The Financial Supervision Authority continues to work with the company to advance on these matters.”
Wirecard did not immediately respond to a BBC request for comment.