Pending further actions from the FCA, you will temporarily be unable to withdraw the funds on your card, nor receive new payments onto your card.It means Payoneer card holders wouldn’t be able to withdraw to local bank, do money transfers and anything else, if they have a Payoneer card issued for their account balance.According to email issued by Payoneer along with Tweets, it seems like Payoneer is confident about the problem and it’ll be solved soon. We believe that cardholder funds are properly safeguarded and that the freeze will be temporary.When someone creates a Payoneer account, Payoneer offers him/her a Mastercard that can be used Online and you can also withdraw money using ATM. Bad news for freelancers and companies using Payoneer Prepaid Mastercard to receive and transfer funds. As the second level of protection, Wirecard Bank AG is a member of the Deposit Protection Fund (Einlagensicherungsfonds; ESF) of the Association of German Banks (Bundesverband deutscher Banken e.V. This means that in the event that Wirecard Card Solutions Ltd becomes insolvent Your funds may become valueless and unusable and as a result You may lose Your money. However, as a responsible e-money issuer, Wirecard Card Solutions Limited ensures that once it has received Your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by Your Prepaid Card. Hundreds of Payoneer customers across the globe are unable to deposit, withdraw or transfer funds through their accounts using the Payoneer Prepaid Mastercard. Today, the Financial Conduct Authority (FCA) which regulates WCSL, issued requirements on WCSL , freezing all prepaid card activity for the time being. Wirecard’s parent company, Wirecard AG based in Germany is currently the subject of law enforcement interest and insolvency proceedings. This is because Payoneer has sent this email stating:Any future payments that you receive from marketplaces, platforms and clients will not be affected by the freeze. We apologize for any inconvenience this may cause and we’ll update you with more information as soon as we have it.As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. As you may have seen on the news, Wirecard AG filed for insolvency on Thursday. ; BdB) as a voluntary deposit protection fund. If there were issues with Wirecard Bank, your funds will never get to Wirecard Bank, and will go back to whoever sent it. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. The card stopped working as Wirecard AG, parent company of Wirecard Card Solutions Limited (WCSL) – the prepaid Mastercard provider for Payoneer, has filed for insolvency in the UK. The FCA has communicated that they have taken these measures with the primary objective of protecting the interests and money of Wirecard customers. One must always have a backup and contingency plan in place.Any future payments from marketplaces, platforms and clients will not be affected by the freeze. Customers can add bank accounts for withdrawal of future incoming payments.What are real chance of retrieving frozen funds from Payoneer Prepaid Mastercards?There are ongoing events in Germany concerning companies closely linked to Wirecard. In the event that Wirecard Card Solutions Limited becomes insolvent funds that You have loaded which have arrived with and been deposited by Wirecard Card Solutions Limited are protected against the claims made by creditors.Python Developer | Django | Web Scraping | Data Mining | Web BotsThe FCA grants permissions to to undertake e-money activities and payment services. Wirecard AG is a defunct German payment processor and financial services provider, whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. Wirecard Bank AG is a member of the German deposit insurance scheme, both in the statutory and in addition in the voluntary protection of the Federal Association of German Banks (BdB) and customers are therefore likely to be compensated. Here’s the Tweet from Payoneer:We are actively working on offering additional options for you and your patience and understanding are highly appreciated. Your Payoneer Prepaid Mastercard® Card is issued by its subsidiary, Wirecard Card Solutions Limited (WCSL) in the UK. No other compensation scheme exists to cover the losses claimed in connection with the Prepaid MasterCard. Wirecard AG is not supervised by the FCA.