Paxum releases statement on Wirecard

Payout provider Paxum releases statement on suspected fraud at processing partner Wirecard

Adult-friendly payment processor Paxum has released a statement regarding the current situation with Wirecard. Paxum is a processing partner with Wirecard, whose CEO resigned in the wake of auditors discovering $2 billion in missing funds. The German company is currently under investigation by Germany’s Federal Financial Supervisory Authority, and there are concerns that creditors may immediately call in loans of over $2 billion if auditors are unable to sign off on a report. The outgoing CEO claimed that the firm may have been a victim of “a case of fraud of considerable proportions”, but so far there is only speculation as to the location of the missing money.

Paxum, which is widely used by cam and clip sites to pay international models, “would like to reassure our clients that Paxum, as a regulated financial entity, holds accounts with numerous banks and financial institutions worldwide,” according to CEO Octav Moise.

From the Paxum statement:

Should we ever feel that Wirecard or any other bank is not an appropriate processing partner, Paxum will utilize an alternative bank to process your payments, and we will provide you with that bank’s EUR funding instructions. Your incoming funding and outgoing payments will continue arriving as usual and without any interruptions.

Paxum has always had strong risk mitigation policies in place, along with safeguards that ensure our clients’ funds are secure. This is why we are not dependent on our banking partners’ financial viability, and why Paxum has always weathered similar situations and continued to conduct business without interruption. You can rest assured that no Paxum clients’ funds are at risk should Wirecard suffer any difficulties.

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