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CASE INFORMATION

Currency Matters Limited
(in Special Administration)

Frank Ofonagoro and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators of Currency Matters Limited – in Special Administration on 6 October 2025.

Notice from the Special Administrators

Frank Ofonagoro and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators (the “Joint Special Administrators” or “JSAs”) of Currency Matters Limited – in Special Administration (the “Company” or “CML”) under the provisions of the Payment and Electronic Money Institution Insolvency Regulations 2021 (“PEMIIR”), by the High Court on 6 October 2025.

CML acting by its directors had already ceased to trade prior to the JSAs’ appointment following a supervisory notice issued by the FCA on 1 September 2025 which imposed certain restrictions on the Company, following discovery of alleged misappropriation of funds. The FCA took this action to safeguard any remaining customer funds. 

The Company is currently pursuing legal action in relation to the misappropriated funds, however, due to the sensitive nature of the proceedings we are unable to provide further comment at this stage.

In keeping with the provisions of PEMIIR, one of the JSAs’ primary objectives on appointment is to return customer funds as soon as reasonably practicable.

As at the date of our appointment we have identified that customers are likely to suffer a shortfall in funds due to them, but we are yet to quantify the extent of the deficit.

Whilst we are at an early stage of undertaking our reconciliation exercise, we have ascertained that the Company’s books and records are, in many instances, incomplete or inadequate which may add significant delay and cost to our reconciliation exercise.

The costs associated with managing customer funds will be deducted from the total sum of customer funds that we are able secure, in order to determine the net amount that may be available for return to customers.

Below are some answers to some immediate questions that you are likely to have about this process and regarding the Special Administration.

It is important to note that CML or the Joint Special Administrators will never ask you for your bank details over the phone and that you should treat any unexpected cold calls or conversations of this nature with suspicion.

Frequently Asked Questions

Below are some answers to common questions that you are likely to want answered.

If you do not currently have any funds or assets held by CML but wish to employ the Company’s services, please note that the Company has ceased to trade and cannot accept any new instructions or funds from prospective customers. You will need to find an alternative provider should you require the services that the Company used to provide.

If you currently have funds that you believe are safeguarded by CML, please immediately contact with the JSAs at currencymatters@opusllp.com to advise of the total sum of funds or assets you believe is held by CML together with any supporting documentation.

In the short term, you will not be able to transfer your funds held with CML as accounts have been frozen. The JSAs recognise that this may be a difficult position for customers to be put in. One of the JSAs’ key objectives is to resolve this position as quickly as possible. The JSAs’ immediate priority is to take control of relevant funds and undertake a reconciliation of funds held in safeguarded accounts and the customers relevant funds.

As at the date of our appointment we have identified that customers are likely to suffer a shortfall in funds due to them, but we are yet to quantify the extent of the deficit.

At this stage, the timing and quantum of any return to customers is uncertain or whether there will be any return at all. Distributions will depend on several factors, including the remaining balance in the customer funds account and the costs associated with returning funds to customers.

We will update you as soon as we have more information.

If you currently or have previously provided services or supply to CML and believe that you are a creditor, please email the JSAs’ team at  currencymatters@opusllp.com to submit your claim together with any evidence to support your claim..

This will ensure that you receive all notices and important updates on the progress of the Special Administration and prospects of a return to creditors.

If you have made a complaint against the Company, you may have a claim as a creditor. However, as the Company is insolvent, we anticipate that there will be insufficient funds to enable any compensation claims to be paid in full.

This includes customers:

  • Waiting for a response to their complaint;
  • Who have received a final response letter from the Company with an offer of compensation but haven’t returned it;
  • Who have taken their complaint to the Financial Ombudsman Service (FOS).

You should first contact the Joint Special Administrators for more details about how complaints or claims will be dealt with.

If you have already referred a complaint to the FOS, you do not need to take any further action at the moment. The FOS will contact you in due course regarding the next steps.

Following an alleged misappropriation of customer funds and subsequent regulatory action which prevented CML from continuing to trade, the director’s concluded that the Company was unable to avoid insolvency and applied for CML to enter into protective Special Administration. 

The main objectives for the JSAs is primarily to:

  • Ensure the return of client assets as soon as is reasonably practicable;
  • Ensure timely engagement with market infrastructure bodies and the financial authorities;
  • To either:
    • Rescue the company as a going concern; or
    • Wind it up in the best interests of creditors. 

At this early stage the JSAs are unable to determine the extent of any likely dividend distribution to creditors or suppliers.

Frequently Asked Questions: Special Administration

Below are some answers to common Administration related questions.

The Payment and Electronic Money Institution Insolvency Regulations 2021 (“PEMIIR”) were introduced to improve the process of returning funds to customers where a payment services or electronic money institution fails.

A payment services or electronic money institution for these purposes is a firm which holds safeguarded funds and certain permissions from the Financial Conduct Authority (“FCA”).

CML is classed as an Authorised payment institution and therefore falls under the ambit of PEMIIR.

  1. To ensure the return of customer funds as soon as is reasonably practicable;
  2. To ensure timely engagement with market infrastructure bodies and the financial authorities; and
  3. To either, rescue the institution as a going concern or to wind it up in the best interests of its creditors.

Funds received from customers in relation to payment services, which are required to be held separately from the Company’s own funds (and each other) in line with the Payment Service Regulation 2017.

No. CML has ceased all customer trading activity and has had restrictions on its ability to conduct regulated activities since 1 September 2025.

However, all existing obligations in respect of contracts between CML and its contract counterparties remain legally binding and in full force and effect unless and until otherwise discharged or addressed by the JSAs.

Customers should not send any new funds to CML. Access to CML’s trading platform has been disabled and customers will be unable to request withdrawals, cancel existing transactions or enter into any new transactions.

If you believe that you are owed money by CML then, you will need to lodge a claim with the JSAs. You will shortly receive communications from the JSAs setting out our claims notification process.

Customers are those who used CML’s payment services. Creditors are suppliers of the business and other contract counterparties of CML.

In accordance with paragraph 23(5) of the Payment Services Regulation 2017, an authorised payment institution must keep relevant funds segregated from any other funds that it holds.

CML operated a system of segregating customer funds from its office funds as a way of safeguarding customer funds.

The JSAs’ duties and objectives will be strictly bound by the provisions of the PEMIIR.

Practically, the JSAs are and will be in regular communication with the FCA (who will continue to act as CML’s Regulator) to update them on the strategy and progress of the Special Administration. The JSAs are regulated by their own professional bodies and are acting in the capacity of officers of the Court.

It should be noted that CML remains authorised by the FCA and subject to the FCA’s rules.

To avoid prejudice to any current or future proceedings, the JSAs are unable to disclose any further details in relation to the misappropriation of funds. Further updates will be provided in future progress reports.

Being Alert to Scams

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from CML, Opus Restructuring LLP, the FCA, FSCS, or Financial Ombudsman, and have concerns about what they are asking you to do, please end the call and contact them directly.

It is important to note that CML or the Joint Special Administrators will never ask you for your bank details over the phone and that you should treat any unexpected cold calls or conversations of this nature with suspicion.

Contacting the Administration Team

The Special Administration team looking after this case and the Joint Special Administrators can be contacted for any queries relating to the Special Administration that are not covered in the information above at currencymatters@opusllp.com.