Tuesday, May 28, 2024

    Visa Suspends All Bitcoin Debit Cards Issued by WaveCrest

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    There are quite a few issues in the world of cryptocurrency debit cards. More specifically, Visa seemingly suspended nearly all debit card providers. This includes the likes of Bitwala, Wirex, TenX, and even CoinsBan. All of these companies rely on WaveCrest as a card issuer and their partnership with Visa. It is evident, things are not looking all that great for the affected companies. Whether or not this issue can be rectified in the near future, remains highly unlikely.

    Using a Bitcoin debit card has been pretty fun in Europe. It allows users to spend cryptocurrency at virtually all locations. Unfortunately, this also means none of the companies suffering from this suspension can provide proper services. It may very well be the final nail in the coffin for companies who solely focus on this business model. Thousands of users are affected by this ordeal, to much dismay of cryptocurrency enthusiasts worldwide.

    Visa Terminates WaveCrest Membership

    Users can still access the funds stored on the cards, though. However, they will no longer be able to use the cards themselves. Visa has forced companies to suspend all cards as of January 5th. There is no indication WaveCrest will be able to reverse this situation in the future. They are following the guidelines of Visa, which is not something to be trifled with. This is another crackdown against cryptocurrencies, by the look of things.

    Surprisingly, it seems this problem affects all WaveCrest prepaid cards in circulation. While the company is cryptocurrency-friendly, they do have other clients as well. It is evident this situation is a big problem which will need to be addressed sooner or later. Visa has allegedly discovered some compliance issues when it comes to Wavecrest. As a result, their services have to be determined immediately and indefinitely.

    For now, it remains unclear what triggered this decision exactly. Visa will probably have their reasons for this decision, which is not a good thing by any means. It seems an isolated incident which affects only Wavecrest and all programs in conjunction with this company. It is a very unfortunate situation which opens the doors for new players to enter the market. For now, using virtually any Bitcoin debit card in Europe is impossible/

    Header image courtesy of Shutterstock

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