Delay in BIN issuance and Card Release Date
Dear Community,
FuzeX team has the following announcement:
Please note that our FuzeX team has been working very diligently in the final stage of receiving the BIN issuance to meet its goal for commercial release in Q3 of this year. However, as of today, we have yet been able to receive the BIN issuance. The application in regards to the BIN issuance is currently under review, and it is being processed as quickly as possible.
The main reasoning behind the delay is due to the fact that the BIN issuer’s examination towards cryptocurrency payment projects has become very strict. This is a result of an issue that was raised earlier this year by a cryptocurrency card payment project that is similar to ours (“Company C”). Moreover, as there are an increasing interest and critique towards cryptocurrency payment projects, the BIN issuer’s evaluation and risk assessment toward these new projects have become stronger and more meticulous. Therefore, the period for examination and approval for these projects have been considerably delayed.
As evidenced in the CBT video(https://youtu.be/GVSS5NW1lcI), Card Manufacturing video(https://youtu.be/u1D-4zXwydQ) and recent major partnership announcements, the FuzeX team have firmly established the overall payment flow system, including our successful integration with our Partner Exchanger. Also, unlike some crypto card projects that are limiting their release only to the Singapore market, the FuzeX team is expanding the market to Europe and Asia (including Singapore). In order to implement our goal, we have engaged in continuous and progressive discussions with our regional payment card issuers.
Additionally, FuzeX card is a smart card that carries various functions that is not contained in a normal plastic card. In order to release the product into the various markets, it is necessary to receive certification from each respective jurisdictions that the electrical wave transmission from our FuzeX card has been verified to meet industry standards. We are anticipating to receive the certification in Korea (“KC”) at the end of September, followed by the certification in Europe and Singapore (“CE”) and United States (“FCC”) in the month of October.
We sincerely apologize to our community members for the delay in the commercial release date for the FuzeX card. In that regard, we will hold an official AMA session in order to conduct an honest conversation with our community.
The date and time for the AMA will be conducted in the manner as described below. We look forward to hearing your honest feedback during the session.
- Date: Oct. 1st. 2018 12:00–13:00 KST
- Attendee: FuzeX Team(CEO & FuzeX Project Manager)
- How to Participate:
Join the Official telegram group(https://t.me/FuzeX) and ask any question regarding FuzeX Project.
Thank you.
Sincerely,
FuzeX Team
