Visa locks down pre-paid cryptocurrency cards, hitting bitcoin and ethereum users

Shoppers using cryptocurrencies like bitcoin and ethereum were hit after Visa locked down some pre-paid cards by blocking a single provider.

BitPay, Cryptopay and Bitwala have all had their cards suspended as of 5 January, meaning they cannot be used to pay for goods on the high street.

Their services are provided through WaveCrest, which is based in Gibraltar.

The pre-paid cards allow users to buy leading cryptocurrencies such as bitcoin and ethereum, transfer them onto the card and use them in the same way as a traditional bank card.

Visa said in a statement: “We can confirm that WaveCrest’s Visa membership is being terminated due to non-compliance with our operating rules. All WaveCrest-issued Visa card programmes will be closed as a result.

“The termination of WaveCrest’s Visa membership does not affect other Visa issuers’ card programmes, including those using fiat funds converted from cryptocurrency.

“Visa is committed to the security of its ecosystem and compliance with Visa’s operating rules is critical for ensuring the safety and integrity of the Visa payment system. Our issuers’ card programmes must comply with our membership regulations, as well as all applicable laws.”

Leave a Reply

Your email address will not be published. Required fields are marked *