CRO Update | Crypto.com Finally Finds Asian Issuer: PayrNet, Adds Two Restrictions
The MCO Visa card issued by blockchain company Crypto.com temporarily suspended its services in the UK and Europe after the bankruptcy of German payment services company Wirecard, which had been extensively covered in a series of follow-up reports. In July, the official reason for the suspension of card issuance from Singapore was due to changing card issuers. Nearly three months later, the company announced that it had completed the migration of card issuance services to PayrNet.
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Two New Restrictions Implemented
Two new restrictions have been introduced following the collaboration with a new card issuer:
1. Users residing in Singapore can only purchase goods or services registered in Singapore.
2. Users who are not residents of Singapore can purchase goods or services globally, but are not allowed to use goods or services registered in Singapore by the company.
In addition, the official announcement states that credit card and debit card top-ups are still not available and will be restored as soon as possible.
Same Issuing Bank as WireX
PayrNet is a wholly-owned subsidiary of Railsbank, the same card issuer that another cryptocurrency debit card company, WireX, announced a partnership with at the end of August. PayrNet provides payment services through Railsbank's regulatory compliance qualifications.