Visa Europe Forces Bitcoin Debit Card Providers to Suspend Service

Today, on 5th of January, multiple Bitcoin/crypto debit card providers were forced to suspend operation as WaveCrest, the European Visa Prepaid card issuer was instructed by Visa to close all issued prepaid cards. Among the affected ones are BitPay, Wirex, TenX and Bitwala.

According to The Daily Beast reporter Joseph Cox, the terminations took place after "non-compliance w/ VISA membership regulations."

https://twitter.com/josephfcox/status/949271099065413632

It is important to note that only cards issued by WaveCrest were affected, and not crypto debit cards in general. In a statement to The Next Web Visa Europe had this to say:

We can confirm that WaveCrest’s Visa membership is being terminated due to continued non-compliance with our operating rules. All of WaveCrest’s Visa card programmes will be closed as a result.

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.

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.

Source: https://thenextweb.com/hardfork/2018/01/05/spending-bitcoin-with-a-debit-card-just-got-a-lot-harder/