Wirex Limited CEO Chet Shah on Fraud, Fund Freezes, and Its 2025 Transparency Report
Wirex Limited prevented greater than £180,000 in retail fraud losses in 2025 amid elevated regulatory scrutiny and buyer complaints tied largely to fund freezes.
The firm detailed these trade-offs in its 2025 Transparency Report. In this unique interview with BeInCrypto, CEO Chet Shah explains the judgment calls and operational trade-offs that sit behind Wirex’s fraud controls, buyer protections, and regulatory disclosures.
BeInCrypto: Few crypto companies voluntarily publish this stage of operational element, particularly metrics that replicate imperfections. When you determined to incorporate information like grievance decision delays and FOS upholds, what was the interior debate like? And how did you weigh transparency in opposition to the danger of exposing vulnerabilities to opponents?
Chet: “There was no extended inside debate about being clear. I made a dedication after I turned CEO of Wirex Limited that we’d earn belief by way of transparency. Unlike different companies that want to painting every thing completely, I knew that stakeholders would worth an trustworthy strategy that revered the precept that to be nice, we have to be taught and be open.
Transparency, for my part, indicators to our prospects, companions, and staff members that we take our obligations severely and are prepared to interact actually. That strategy units a optimistic inside tradition as nicely: it encourages problem-solving, studying, and collaboration reasonably than avoiding troublesome conversations. Ultimately, I consider openness strengthens belief, reinforces accountability, and helps construct an organization that’s resilient and revered in the long run.”
BeInCrypto: Fund freezes seem because the main theme in upheld complaints. When you’re balancing the crucial to cease fraud in opposition to the danger of harming reliable prospects, how do you consider that trade-off operationally? And for patrons who consider they’ve been wrongly flagged, what significant recourse do they really have inside Wirex in the present day?
Chet: “We take into account that trade-off each day. On one hand, we now have a transparent ethical and regulatory duty to maintain our prospects secure and assist preserve the integrity of the monetary system. On the opposite hand, we now have an obligation to make sure that our companies stay accessible and dependable. Striking the correct stability isn’t at all times simple, and we overtly acknowledge that there are occasions after we can enhance.
Fraud and monetary crime are sadly widespread, and staying vigilant is important. That vigilance generally signifies that reliable prospects expertise momentary disruptions, reminiscent of fund freezes. Our purpose is at all times to reduce that impression whereas fulfilling our obligations.
For prospects who consider they’ve been wrongly flagged, Wirex has a transparent complaints course of with strict SLAs to make sure considerations are addressed promptly and totally. We goal to supply significant recourse wherever attainable.
At the identical time, regulatory necessities imply there are limits to the knowledge we will share throughout investigations — generally we can not reopen accounts or clarify each element with out risking compliance points. While this may be irritating, our strategy is guided by each integrity and the protection of the broader monetary ecosystem. Ultimately, we attempt to be as truthful, clear, and responsive as attainable whereas navigating these advanced operational realities.”
BeInCrypto: What response, if any, have you ever obtained from social media platforms about their position in fraud proliferation, and do you see any life like path towards significant collaboration between fintech and Big Tech on this downside?
Chet: “Despite ongoing efforts from Wirex, different fintech corporations, and business our bodies, engagement from social media platforms on this situation has thus far been restricted. While there’s rising consciousness of the position on-line platforms can play within the unfold of fraud, translating that consciousness into coordinated, large-scale motion stays a problem.
Regulatory progress has additionally been gradual, as governments work to maintain tempo with the evolving nature of digital fraud. In the meantime, monetary companies companies proceed to play a central position in defending prospects and investing in fraud prevention measures, even when fraudulent exercise originates earlier within the buyer journey.
Looking forward, there’s a clear alternative for nearer collaboration between fintech and Big Tech. With clearer regulatory frameworks and a shared dedication to cooperation, the business can transfer towards simpler, end-to-end options that assist stop fraud earlier than it reaches shoppers.”
BeInCrypto: Fintech stays a closely male-dominated business, significantly in technical and management roles. Against that backdrop, Wirex reporting a 51% feminine workforce stands out. Was this the results of deliberate hiring and coverage decisions, or did your tradition and remote-first mannequin naturally change who utilized? And does that stability prolong into senior management and technical groups, or are there nonetheless structural gaps you’re actively attempting to shut?
Chet: “Our gender stability shouldn’t be pushed by quotas or headline targets, however by a constant focus on truthful, skills-based hiring and an inclusive office tradition. We prioritise functionality, work to minimise unconscious bias in recruitment, and supply versatile, remote-first roles that naturally broaden entry to a wider expertise pool.
This strategy is mirrored throughout a lot of the organisation. As is the case throughout the broader business, progress in senior management and extremely technical roles can take longer, largely on account of smaller expertise swimming pools and fewer alternatives for turnover. Rather than pursuing short-term options, we focus on constructing sustainable pipelines that help long-term range.
More broadly, our ambition is to be an employer of alternative for a genuinely numerous workforce. Diversity at Wirex extends past gender, and we goal to foster a tradition that draws, helps, and develops individuals from a variety of backgrounds, experiences, and views.”
BeInCrypto: When you take a look at the following 18 months, contemplating the evolving UK crypto regulatory setting, the MiCA rollout in Europe, potential macroeconomic headwinds, and the aggressive dynamics in funds, what’s the problem or uncertainty that occupies most of your strategic considering proper now?
Chet: “For a enterprise that operates as a part of a worldwide group, one of many predominant challenges over the following 18 months is navigating regulatory inconsistency throughout jurisdictions. While regulation is advancing in lots of markets, every nation or buying and selling block continues to use its personal frameworks, interpretations, and timelines, every with distinct native traits.
This complexity has elevated following Brexit, with the UK and EU now working underneath separate regulatory approaches. These variations sit alongside additional divergence between European frameworks, the US, and APAC markets. Managing a worldwide operation in opposition to this backdrop of differing regulatory expectations requires vital coordination and long-term planning.
While native regulation is each crucial and applicable, higher alignment round frequent international requirements, supported by market-specific necessities, might assist cut back pointless complexity. As it stands, regulatory approaches usually focus primarily on home concerns, which might make international consistency harder to realize.
From a strategic perspective, balancing compliance throughout a number of areas whereas persevering with to innovate stays a central focus as we glance forward.”
BeInCrypto: You say there’s “no conclusion actually” within the report, however when you needed to sum up 2025 for Wirex in a single sentence, what wouldn’t it be?
Chet: “2025 bolstered Wirex Limited place as a robust and resilient enterprise, whereas additionally laying the groundwork for continued development. We strengthened the organisation by focusing on excellence, transparency, and long-term considering, which can proceed to information how we construct and scale the enterprise going ahead.”
Read Wirex Limited’s full 2025 Transparency Report here.
The put up Wirex Limited CEO Chet Shah on Fraud, Fund Freezes, and Its 2025 Transparency Report appeared first on BeInCrypto.
