Visa suspends multiple cryptocurrency debit card providers |

Visa suspends multiple cryptocurrency debit card providers

Peter Terlato 5 January 2018 NEWS

Bitwala, Crytopay, TenX and Wirex prepaid Visa debit cards are canceled but funds are still accessible.

A number of prepaid cryptocurrency debit card providers have had their services suspended by Visa.

Bitwala, Crytopay, TenX and Wirex were affected. TNW published a statement from Visa Europe confirming it had terminated its partnership with WaveCrest Holdings, a global payment solutions company, after it had failed to comply with Visa’s operating rules. WaveCrest is the issuing partner for the affected parties.

Affected operators provided individuals with cryptocurrency prepaid visa debit cards which they could use to withdraw fiat currency from cash machines or make everyday purchases. The companies all reported receiving emails from WaveCrest informing them that they had to cancel all WaveCrest debit cards effective immediately.

Below are recent social media posts from the operators, notifying users of the transpiring card cancellations.

The email communication reportedly warns that any WaveCrest-issued Visa cards will no longer function. However, funds were stored in customer’s e-wallets, so they’ll remain accessible via the digital wallet provider.

WaveCrest held a substantial proportion of the market share for prepaid cryptocurrency debit cards, therefore Visa’s actions will likely affect a large number of customers who rely on these cards for everyday expenses.

Visa said that it has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions and that WaveCrest’s membership termination does not affect these other products.

Monaco, a crypto card provider who has an agreement with Visa, confirmed its customers wouldn’t be affected.

While Visa has not specified how WaveCrest infringed upon its operating rules, it’s interesting to note that WaveCrest is based in Gibraltar. New regulations implemented by the local government, which came into effect January 1, require distributed ledger technology (DLT) providers to apply for and obtain a special license.

Expanding into digital currencies and related technologies is helping to boost a wide range of businesses. For example, Chanticleer Holdings, whose brands include Little Big Burger and a few Hooters restaurants, saw its stock rise 50% after the company reported plans to implement a new cryptocurrency customer loyalty scheme.

Interested in learning more about cryptocurrency? Check out our A-Z list of the most popular altcoins.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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