Wise sees £2bn wiped off its value as it is investigated in Belgium over money laundering claims
AI Summary
Shares in Wise plummeted by nearly 20% after it was announced that the company is under investigation in Belgium for alleged money laundering, wiping £2 billion off its market value. The financial services firm is cooperating with Belgian authorities, which underscores the serious nature of the allegations. This incident highlights the growing scrutiny on fintech companies and the potential risks they face from regulatory investigations, which could reshape the industry's landscape.
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