Fintech
FCA imposes restrictions on AstroPay
June 18, 2024
Written by FinTech Alliance
The UK’s Financial Conduct Authority (FCA) has imposed restrictions on Larstal Limited, trading as AstroPay. The firm is prohibited from accepting new customer funds, providing payment services or issuing/redeeming electronic money without the consent of the FCA.
AstroPay must also stop acquiring new customers and ensure that all relevant funds are safeguarded. This regulatory action, effective April 11, is linked to financial difficulties, with the company reportedly owing more than $22 million to creditors. AstroPay is working to resolve the issues and resume normal operations.