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 UK Financial Conduct Authority (FCA) to provide payment services to corporate and retail clients.
On 1 September 2025, the FCA imposed restrictions on Currency Matters on undertaking certain activities.
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.
Customers should contact the special administrators with any questions by emailing currencymatters@opusllp.com. The special administrators will gather as much information as possible from creditors and customers about payments made to or owed by Currency Matters
The Financial Services Compensation Scheme (FSCS) only applies to certain types of activity. This does not include payment services. Payments firms need to comply with requirements on how customers’ money should be protected, known as ‘safeguarding’.
This means that the firm was required to hold money separately for its customers. The special administrators will carry out an assessment of all funds held by the firm to establish which are safeguarded for customers and which belong to the firm. They will then begin the process of returning money to customers.
