On 6 October 2025, Currency Matters Limited entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. Frank Ofonagoro and Allister Manson of Opus Business Advisory Group were appointed as joint special administrators.
Currency Matters is authorised by the FCA to provide payment services to corporate and retail clients.
On 1 September 2025, we imposed restrictions on Currency Matters on undertaking certain activities.
We had imposed restrictions on undertaking certain activities on Currency Matters, and on 24 October 2025 we published the First Supervisory Notice[1] (FSN) served on the firm. The notice explains the reasons we took action to restrict its business, and a full description of the restrictions can be found on the Financial Services Register[2].
The directors of Currency Matters concluded that the firm was insolvent and applied to court for a special administration order.
The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.
If you have any questions regarding the special administration process, please contact the special administrators directly by emailing [email protected]. For more information, including FAQs, please see the joint special administrators' website[3].
As the firm continues to be regulated by us, we will engage with the special administrators to seek the best outcome for customers.
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 Currency Matters, the special administrators or the FCA, please end the call and contact them directly. Find out more about protecting yourself from scams[5].