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Opus Restructuring and Insolvency has been appointed the special administrator of Currency Matters Limited (CML), after the alleged discovery of misappropriated customer funds.
Through a High Court order under the Payment and Electronic Money Institution Insolvency Regulations 2021(PEMIIR), Opus partners Frank Ofonagoro and Allister Manson were named as joint special administrators.
CML had already ceased trading before the appointment, following a supervisory notice issued by the Financial Conduct Authority (FCA) on 1 September 2025.
The notice was issued after a suspected misappropriation of customer funds was discovered, with the FCA taking action to protect any remaining safeguarded customer funds and assets.
The suspected misappropriation has resulted in a potential shortfall of customer funds, which “cannot be immediately met given the company’s financial position”. With “insufficient liquidity” to continue trading while pursuing potential recoveries, CML’s directors said a special administration was the only viable option.
The company is currently pursuing legal action in relation to the misappropriated funds.
The joint special administrators’ primary focus includes reconciling and, if possible, quickly establishing whether any customer funds will be available to return to customers “as soon as reasonably practicable”.
They noted it is currently not clear 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 their appointment and the costs associated with investigating the customer funds position.
Frank Ofonagoro, partner at Opus, said: “Special Administrations of payment and e-money institutions remain relatively rare, but they are increasingly significant in today’s financial landscape. Our immediate focus is to protect remaining customer funds and work towards an orderly resolution in line with the statutory objectives of PEMIIR.”
Allister Manson, partner at Opus Restructuring LLP, 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.”
