Wirex Limited was able to prevent damage from fraud in the retail sector of over £180,000 in 2025 amid increased scrutiny from regulators and complaints from customers mostly related to fund freezing issues
The company has outlined these exchanges in the 2025 transparency report, and in this exclusive interview with BeInCrypto, CEO Chet Shah explained the decision-making principles and operational trade-offs behind fraud control, customer protection, and disclosures to Wirex's regulatory authorities.
BeInCrypto: There are only a few crypto companies that voluntarily disclose operational details at this level, especially information that reflects shortcomings. When you decided to include data such as delays in resolving complaints and cases where the Financial Ombudsman Service (FOS) ruled in favor of customers, what internal discussions took place? And how do you assess transparency against the risk of exposing weaknesses to competitors?
Chet: We haven't been arguing internally for a long time about transparency. I pledged when I took over as CEO of Wirex Limited that we would build trust through transparency, unlike other companies that want to present everything as perfect. I realize that stakeholders value a straightforward approach that respects the principle that if we want to excel, we must be ready to learn and be open.
In my view, transparency signals to customers, partners, and our team members that we take responsibility seriously and are ready to communicate openly. This approach also fosters a positive internal culture, as it encourages everyone to collaborate, learn, and support one another instead of avoiding difficult conversations. Ultimately, I believe that openness helps build trust, accountability, and also contributes to creating a strong and respected company in the long run.
BeInCrypto: The issue of fund seizure seems to be a main topic in confirmed complaints. When you have to weigh between preventing fraud and the risk of impacting actual customers, how do you think about this exchange in practical terms? And for customers who believe they have been wrongly alerted, what recourse is available to them within Wirex today?
Chet: We consider this every day. On one hand, we have an ethical and legal responsibility to ensure customer safety and maintain the stability of the financial system. On the other hand, we must ensure that our services remain accessible and trustworthy. Striking the right balance is not always easy, and we candidly acknowledge that there are still areas for improvement.
Fraud and financial crime are unfortunately widespread, and continuous vigilance is essential. While sometimes this vigilance may cause temporary inconvenience to actual customers, such as fund seizures, our goal is to minimize the impact while fulfilling our obligations.
For customers who believe they have been wrongly alerted, Wirex has a clear complaint procedure with strict SLAs to ensure that concerns are addressed quickly and comprehensively. We are genuinely committed to providing fair resolutions to our customers as much as possible.
At the same time, regulatory requirements mean that we have limitations on information disclosure during audits; for example, sometimes we cannot open new accounts or explain all details without risking non-compliance. While we understand that some customers may feel frustrated, our approach remains committed to integrity and the safeguarding of the overall financial system. Ultimately, we will strive to be as fair, transparent, and responsive as possible while navigating these complexities.
BeInCrypto: What kind of feedback have you received from social media platforms regarding their role in the expansion of fraud, and do you see opportunities for meaningful collaboration between fintech and Big Tech in addressing this issue?
Chet: Although Wirex, other fintech companies, and organizations in the industry are trying to address the issues together, participation from social media platforms on this matter is still relatively limited. Even as all parties begin to recognize the role of online platforms in spreading fraud, turning that awareness into serious collective action on a broader scale remains a challenge.
Regulatory advancements are also progressing gradually as governments in each country try to keep up with changes in digital fraud. However, financial services companies still play a crucial role in protecting customers and investing in fraud prevention measures, even as fraud activities can begin early in the customer journey.
Looking ahead, it is clear that there are good opportunities for close collaboration between fintech and Big Tech, as there is a clearer legal framework and a shared commitment to cooperate. This industry can move towards more effective comprehensive solutions that help prevent fraud before it reaches consumers.
BeInCrypto: Fintech remains an industry with a significantly high proportion of men, especially in technical roles and leadership. Meanwhile, Wirex reports that female employees make up 51%, which is quite remarkable. Is this due to deliberate policies and hiring practices, or has your culture and remote working model naturally shifted the pool of applicants? Does this balance extend to senior management and technical teams as well, or are there still structural gaps you are trying to close?
Chet: Our gender balance is not just a result of quotas or accounting goals; it stems from our ongoing commitment to fair hiring based on skills and a culture of inclusivity in the workplace. We focus on potential, aim to reduce unconscious bias in our recruitment processes, and offer flexible roles that prioritize remote work, thereby naturally broadening access to a wider pool of talent.
This approach is reflected throughout the organization and is consistent with the broader industry. Development at the senior leadership level and specialized technical roles often takes longer, primarily due to a limited talent pool and fewer opportunities for change. Therefore, we choose to build sustainable support pathways to promote diversity in the long term rather than making short-term fixes.
Overall, we aim to be the employer of choice for truly diverse talent. Diversity at Wirex is not limited to gender alone, but extends to creating a culture that attracts, supports, and develops people from diverse backgrounds, experiences, and perspectives.
BeInCrypto: When you look at the next 18 months considering the changing crypto regulatory landscape in the UK, the launch of MiCA in Europe, macroeconomic risks, and competition in the payments business, are there any challenges or uncertainties that you consider most important to your strategy?
Chet: For businesses operating as part of a global corporate group, one of the main challenges in the next 18 months will be dealing with regulatory inconsistencies across jurisdictions. While regulations are advancing in many markets, each country or trading bloc continues to interpret and implement frameworks at different times, which are also unique to each locality.
This complexity has increased post-Brexit as the UK and the EU have separated with different sets of regulations. At the same time, it has increased the differences between the European, U.S., and Asia-Pacific regulatory frameworks. Conducting business globally amidst these varying regulatory expectations necessitates significant coordination and long-term planning.
While local regulations are deemed necessary and appropriate, having more standardized international frameworks supported by country-specific requirements could help reduce unnecessary complexities. However, the current regulatory approach often focuses primarily on national considerations, making global consistency increasingly challenging.
From a strategic perspective, balancing compliance across regions while pushing forward with innovation remains a key focus for us as we look ahead.
BeInCrypto: You mentioned that this report lacks a clear summary, but if you had to summarize 2025 for Wirex in one sentence, what would it be?
Chet: 2025 has reinforced Wirex Limited's position as a strong and resilient business, laying the groundwork for further growth. We have strengthened the organization through a focus on quality, transparency, and long-term vision, which will continue to drive the establishment and expansion of the business moving forward.
Read the full Wirex Limited 2025 annual transparency report here.