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Crypto Firm TenX Shifts Management Following Wirecard Fiasco

cryptopotato.com 03 July 2020 10:50, UTC
Reading time: ~2 m

The e-money payment platform has announced some core changes in its managing board. The leadership shift came up with a new CEO and Chief Financial Officer (CFO).

Change of Places

Though not so much of a significant change in the manner of adding new people to its company’s leading positions, TenX has made an important turn in its managing team. In a recent post on their official website and twitter account as well, it was announced that their new Chief Executive Officer (CEO) will be Claude Eguienta. He will be taking the place of the co-founder of the company and now former CEO Toby Hoenisch, who has been in the leading position since the founding of the firm in 2015.

Now Hoenisch is reported to take the role of a Chief Financial Officer, leading the financial operations of TenX. He will also keep his leading position as a Chairman of the Executive Board.

As per the announcement, the rotation in the leadership roles will rearrange the management team in a way they will be even more successful in their work.

“Toby’s experience lies with the financial and crypto-specific aspects of the business, and Claude brings with him a wealth of experience, deriving not only from the crypto industry, but also from running a company that has attained licenses in multiple countries.”, the publication reads.

An Uphill Because Of FCA Restrictions On Wirecard

As a company that deals with e-money payment solutions and respectively cryptocurrency debit cards, TenX had also experienced some struggles after the UK FCA came up with restrictions on Wirecard UK payment services.

As CryptoPotato recently reported, the debit card provider and payment processor Wirecard, whose subsidiary issues visa debit cards for both Crypto.com and TenX, failed to locate over $2 billion of lost assets. Thus all their regulated activities were halted for a while by the UK’s watchdog.

The FCA stated that the main objective of the taken requirements was necessary to protect all customers’ electronic funds. However, it appeared that it also “had the effect of preventing consumers from withdrawing and making payments with those funds.”

Later on, the UK Financial Conduct Authority (FCA) gave their permission to Wirecard UK to start its regulated activity and payment services again. Consequently, the companies handling cryptocurrency debit cards resumed their issuance.

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