VISA Cancels ALL Bitcoin Debit/Prepaid Cards (Bitwala, Tenx, Wirex...)

in bitcoin •  last year

Crypto Insider reports:

Major bitcoin debit card providers such as Wirex, TenX and Bitwala have informed users that all VISA card operations have been cancelled effective immediately following sudden communication from card issuer WaveCrest.

Here is the email I received from Bitwala to inform me of the situation:

Dear xxxxxx,

Yesterday our Bitwala Card issuer WaveCrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately. Unfortunately, neither Visa nor WaveCrest were able to provide us or you with more time to prepare for this announcement.

Our team has been working very closely from the time of the announcement until now with Wavecrest to provide you with the most up to date information possible.

What this means for you
Your Bitwala card is now deactivated and you will not be able to use it for further payments or withdrawals. This affects both physical and virtual cards.

What happens to your funds?
Bitwala has been assured that all affected users will get a refund for their card balance and any outstanding card top-ups directly into their bank account.

However, at the moment we are unable to specify how long refunds will take. We appreciate your patience as we respond to this situation.

What is Bitwala doing next?
The Bitwala Debit Card remains one of the pillars of our service and we will make it again part of our product offering. Ever since we announced our vision, we have been approached by a number of alternative card issuers and we are already in discussions to bring a solution in the near future.

We want to sincerely thank you for using our card. We are disappointed that we can’t serve you anymore and that the change came so quickly. As part of our commitment to you, we will send you an email once the Bitwala card becomes available again. We hope that in the meantime you will continue being part of the revolution and make the most of Bitwala’s Blockchain Banking and Bitcoin wallet.

We have created a dedicated FAQ section on our help center to answer your most common questions in the meantime.

So, basically they told me to:

This kind of thing is to be expected and all of us should prepare for more unpleasantness like this in 2018. The key is to always have a backup, a plan B, and become more resilient and antifragile, if possible.

If you have personally been affected by this hostile action from VISA, proceed calmly to make other arrangements and let this be a reminder that fuck-ups happen and you should always have an exit strategy and a plan B.

AnarchoSpace loves you:-)

Have a great day!

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This wont last too long. I listened to TenX cofounder Julian Hosp this morning and he said, and I trust him, that they will have their cards all replaced very soon, by end of first quarter he said they will have all their international cards released as well, all on the new providers platform.

Also he added that TenX had already been working on replacing the provider they were using so they unlike others are further along in the replacement phase.

He expects this inconvenience to improve TenX market share as they will be back up and running before the competition. Listen to his video here:

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Thank you for the video!

I have no doubt that this is temporary, but it is a real pain in the ass, especially if this is your only way of actually using your crypto in the real world.

But, a big part of me is glad I don't have to walk around with a VISA card in my pocket, supporting the status quo:)

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This is like a purging of the big status quo whales from the financial system. They're dying off.

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cocaine is a hell of a drug

Someone at VISA finally wised up to the fact that they are in the process of being replaced. Great idea to refuse business in the segment that is the most rapidly expanding... crypto.

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The "big guys of finance" are going to be shooting themselves in the foot with more and more regularity. And the main unintended consequence will be their extinction. Some things never change:)

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Grab the popcorn and your favorite beverage, sit back, and enjoy the show! What a great time to be alive.

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Visa: "Wait a second, we are enabling our competitor to wipe us out! Should we maybe stop that?"

haha

UPDATE
Email I received from Wave Crest, the card issuer:

Dear Cardholder,

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, all funds stored on the card continue to be 100% safe as WaveCrest safeguards 100% of its cardholders funds.

How can you access your funds?

Whilst you cannot spend or withdraw your funds from the card, WaveCrest can and will return them to you. We will be in touch over the coming days to advise you as to how we will process this payment.

We thank you for your cooperation.

Yours sincerely,

WaveCrest

hahahaha....hahahahah...hahahahahaha..jahahahahahahaha..with the smile...hahahahahahahaha xDDDDDDDDD
I think mastercard will takeover now or some new shit ...they can't stop it because they don't know how to regulate it...very nice!! just shut it all up!! easy!!!! bastard visa...they already lost billions...crypto don't sleep ,...ahahahahahaha...that smile though...it reflects how confused they are!!! been taken by the face and dragged and now that they made money they simply go out and say ...no!
here is my statement to visa...

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I love it!

Crypto and block chain will steamroll these guys soon enough. No worries!

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I agree. Even Kurt Russell agrees:)

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Amazing film & great performance!

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Perfect gif for me! I’m a Canadian, so I’m a hockey fan!

Hi all, Wirex community manager here.

We do give our sincerest apologies for those affected. The ban took pretty much the whole market by suprise. We are working as hard as possible to get our new cards out.
A quick update on the card situation:

  • Current cards cancelled.
  • Money safe.
  • Refunds will be issued.
  • New Contactless debit cards will be issued for free.

Yesterday,one of our partners who provides the entire Crypto Industry with VISA prepaid debit cards, received direction from VISA to immediately close all accounts.

Unfortunately, we were given little notice by the supplier to prepare for this change.

We’d like to assure you that all your funds are safe and that they will be moved from your blocked VISA cards to your Wirex accounts ASAP. Additional information in regards to the refund procedure will be emailed to all our users within the next few days.

What we are doing about it

We have been working with a new card issuer for the last couple of months and are very close to being able to release our new cards. As part of this changeover, our new card issuer will provide free replacements to all users who already have cards.

You’ll still be able to buy bitcoin using your local bank card and we will be increasing daily limits until we release new cards.

Register for the live webinar for a full update:

https://events.genndi.com/register/169105139238466377/d2675c1372

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Thank you for chiming in, but I do have a question.

Unfortunately, we were given little notice by the supplier to prepare for this change.

We have been working with a new card issuer for the last couple of months and are very close to being able to release our new cards.

Was this really unexpected? It seems like everyone was preparing in some way for a switch.

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exactly what I thought too...I doubt you will have a reply ...

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I completely understand your concern here. Let me clear a few things up.

We were preparing a switch to be able to provide for customers outside of Europe, as our old provider only served the EU.

So yes, what happened was totally unexpected, unfortunately, and so we had little to no time to prepare.

We do expect to have a solution in the very near future, and again we apologize for any inconvenience caused to anyone in the community. Any cards ordered after the 1st of December will be refunded.

Thanks for sharing this important info

Coincidence ? or Secret war on Crypto?

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According to Visa Europe, they terminated WaveCrest's membership due to "continued non-compliance with our operating rules". Maybe a simple matter of compliance, maybe not - we'll see when the new card issuer get up and running. In any case, nothing too sinister:)

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https://bitcoinblog.cz/konec-predplacenych-btc-karet/

Some bad news for Bitcoin lovers and good on the other side for exchanges.

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