Visa Orders Bitcoin Processor BitPay to Shut User Accounts

by admin on January 6, 2018


Cryptocurrency debit card providers’ ceased services after payment giant Visa had cut off a card issuer’s membership. The Bitcoin payments processor announced that the company will refund any balances to users who purchased cards after the 1st of December 2017.

The Bitpay shutdown, however is only restricted to European customers as Bitpay announced that the US market has yet to be affected. They also announced they were in negotiation stages with “potential alternative issuers”.

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Visa comments on the situation that Bitpay had lost its membership due to a failure of compliance with their terms and conditions. However, other Visa card issuers may continue to use other cryptocurrency cards. Bitpay had reveled only less than a year ago that they were expanding to 131 countries and that their cards would allow for users to transact from cryptocurrencies to Euros, Pounds and US dollars.

Read the full story here

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Image: MBatty

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