Opus selected for Currency Matters administration

Currency Matters, a payment services to corporate and retail clients, has entered into special administration. Professionals from Opus Restructuring have been selected to oversee the process.

Based in the UK, Currency Matters is authorised by the Financial Conduct Authority to provide payment services to corporate and retail clients. At the start of September 2025, however, the FCA imposed restrictions on Currency Matters on undertaking certain activities, after the discovery of alleged misappropriation of funds.

After the decision, taken in order to safeguarding any remaining customer funds, the company is currently pursuing legal action in relation to the alleged misappropriation. In the meantime, however, the directors of Currency Matters concluded that the firm was insolvent and applied to court for a special administration order.  

Frank Ofonagoro and Allister Manson of Opus have been appointed joint special administrators by order of the High Court under the Payment and Electronic Money Institution Insolvency Regulations. They are now responsible for managing customer claims against the firm and returning funds to customers where possible.

At present, it is uncertain how much money may be returned or when this will happen. This will depend on the extent of funds remaining in safeguarded accounts at the date of the Joint Administrators’ appointment and the costs associated with investigating the customer funds position.

Manson, a partner at Opus Restructuring, added, “We appreciate that this will be a worrying time for customers and stakeholders. Our team is working closely with the FCA and other relevant parties to progress the reconciliation process and provide clarity as soon as possible.”