Stick.Cash is shutting down. Service will be disconnected until July 1
We are very sorry to inform everyone that due to the recent development regarding the Swiss and Europian financial market regulation as well as the bankruptcy of company WireCard AG we are forced to suspend all Stick.Cash activities.
How does this affect Stick.Cash?
- Our company directly worked with WireCard AG which was popular in the EU. We used payment gateway for card connector as well as a banking solution for the withdrawal funds and financial transactions. As a result of our close cooperation between WireCard and Alysium, our business suffered serious losses. Due to crushing losses, we do not have any realistic ways and permissions to be involved in financial transactions, not only in the European Union, but also in the U.S.
- It was recently brought to our attention that current financial licensing which we held has to be updated to a different one following the new Financial Services Act (FinSA) and the Financial Institutions Act (FinIA), CY CYSEC. The FINMA has issued with considerable delay, in the end of April 2020, its finalized guidelines for the implementation and interpretation of the above-mentioned legal bodies.
- As a result of the influence by coronavirus, all regulatory stages of verification were slowed down, and procedures were changed. The process of obtaining the new license has been dramatically extended which forces us to take steps to shut down.
- To continue our business, we need an eMoney and banking license in many countries. Source — 1
- In addition to financial losses, we are also forced to take emergency measures due to the refusal of several funds to invest in our company at this stage.
- Since June 29, we have frozen all accounts that have ever been involved in our service. Most of them are users from the USA, about 35% (EU) and about 3% from Asia.
- Today we used all urgent methods to return funds to active accounts, In order to avoid lawsuits and an offense in the European Union.
- We also realize that we can’t return any funds that were frozen and lost in WireCard gateway.
- Aware of all the risks that our company cannot function without a payment solution, license, and banking services, we turn off our platform and stop serving all customers.
We are aware that this situation may create a stressful reaction but we trust that during that time you will be able to find an alternative.
Please accept our deep apologies for this unexpected situation which is clearly out of the scope of our control.