The UK Financial Conduct Authority (FCA) has today revoked the authorization granted to Global 4X Limited as an Authorized Payment Institution (API).
The regulator has concluded that Global 4X Limited no longer qualifies for authorization as an API set out in the Regulations and 6(7)(d) of the PSRs as the company has not taken appropriate measures to ensure the service payments user funds in accordance with the requirements set out in regulation 23 of the PSRs.
In addition, the company has not provided payment services in the last 12 months. Therefore, the Authority concluded that the company no longer needs its license and that its license as an API should be canceled to protect the interests of consumers, in accordance with Regulation 10(1)(h) of the PSRs.