Tag #Payment Platforms

What immediate impacts do insufficient consumer protections for fintechs have on users, as illustrated by Baradziej's experience?

Joe Baradziej, a Toronto cybersecurity professional, had his Wise account closed in April, resulting in a seven-month delay to reclaim his $6,500 balance. Wise, citing its terms of service, deactivated the account without prior notification or immediate refund access, leaving Baradziej with limited recourse and highlighting gaps in consumer protection for fintechs. This incident underscores the need for stronger regulatory oversight.