Many providers affected by Bitcoin Visa Cancellations
Another event that has shocked the world of cryptocurrency is that there is a cancellation of Bitcoin Visa cards from a variety of providers.
According to a member of the famous social media site, Reddit, the individual received an email from Wavecrest, a card issuer for all Bitcoin Visa cards. The mention by the providers caused alarm to many who expected to be in possession of their cards shortly.
The user posted the message that the individual received from Wavecrest.
We, WaveCrest, are the issuer of your Visa Prepaid card, which you have enrolled for through one of our program partners. Visa have today instructed us that we must close all WaveCrest issued Visa Prepaid Cards with immediate effect.
How will this affect you?
Your WaveCrest-issued Visa Prepaid Card will no longer function. However, as your funds were stored in your e-wallet they will remain accessible to you via your wallet provider.
We thank you for your cooperation.
WaveCrest Wave Crest Holdings Limited is an electronic money institution licensed by the Financial Services Commission, Gibraltar.”
The steps taken due to this announcement are that current cards will be canceled by the issuer. The money of the users will still be safe and secure, and some have mentioned that they will be sending refunds. It is expected that all will issue refunds or find a new provider to send over the product to the consumer.
The firm, Wirex, also echoed similar remarks, noting that their card issue WaveCrest, informed them that Visa told them to close all accounts. They also stated that they were provided with little notice from their suppliers to prepare and implement the change in a less shocking manner.
The company states:
“Customer funds will be transferred back to Wirex from prepaid Visa accounts. We are working around the clock with our new providers to bring you globally available Contactless Cards as soon as possible.”
Wirex will be hosting a live Question and Answer session to assuage the concerns of their customers.
It looks as if there are various factors at play in this situation. Wavecrest is a company that is based in the country of Gibraltar. It appears that there have been some new regulations that have been implemented as of the first of January.
This new regulation requires the firm to seek and obtain a DLT license. This new regulation may have affected their development and issuances of cards which have, in turn, affected their partners as well.
At the same time, it is not entirely certain; the company was directed by Visa to close down the accounts, not by their government, which poses the question. Why did Visa call for the shut down immediately?
At the current time frame, there are updates on when the new cards will be issued.
Update: Bitpay has stated that their non-US clients are affected, their US clients can continue to live without issues.
The BitPay Card is no longer available from our European card issuer Wave Crest Holdings, Ltd. Learn more and see what’s next for the international BitPay Card: http://mailchi.mp/bitpay/wave-crest-card-closure … NOTE: BitPay Card users in the United States are unaffected by this change.
About WaveCrest Group
Wave Crest Group is a prepaid card program management firm that develops and manages payment processing solutions and more.