VISA Crackdown on WaveCrest Suspends Crypto Payment Cards

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A new Visa crackdown on a major card provider has resulted in the suspension of a number of pre-paid cryptocurrency cards, according to a report in The Telegraph. The suspension will impact several thousand cryptocurrency users who use those cards to access funds from ATMs and make payments at businesses in their area.

Visa justified the suspension by noting that it had ended card provider Wavecrest’s membership based on its “continued non-compliance with our operating rules.” The company tried to reassure other card-users, however, by noting that many other cards would remain unaffected by the move:

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

The affected cards include BitPay, Bitwala, and Cryptopay products, all of which had allowed users to use their cryptocurrency funds to make payments in fiat currencies that included the pound and the euro. All three of the affected companies have announced their intention to return users’ funds. At least one of the three card providers, BitPay, told its customers that the company is already in talks with other card issuers.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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