WIREX CARDS HAVE BEEN CANCELLED by Instruction from VISA - Is it time to start worrying ?

In an unprecedented move

(actually I don't know if it has no precedent but it sounds dramatic) WIREX have announced the immediate cancellation of all their cards.

What's Wirex ?

It's a popular exchange platform where bitcoin can be bought and sold for fiat and the CASH loaded onto a pre-paid visa card. This means you can spend crypto in the real world through paypoint for purchases and ATM for cash. It's a workaround which has proved very popular.

IT was announced earlier today that Wirex's card partner. Wavecrest Holdings were instructed by VISA to immediately cancel all of their pre-paid cards. There is no explanation so it leaves the curious with imagination to roam.

 

• Who put pressure on VISA to cancel the cards ?

• What's the real reason behind their decision ?

• How does this affect the spending of crypto in the real world ?

• Is it a cynical move to shutdown the uncontrollable world of digital currencies ?

• Has it become apparent that organised crime is exploiting the system? (I wouldn't be surprised if that was the official explanation) Organised crime is always cited against the bitcoin family. I think it's a red herring. the moral dilemma dressed up for the masses. We all know organised crime do whatever they can / like / is easiest and cash is still very untraceable. more so than crypto. ! anyhoo, it's an interesting development and one which I will be watching closely.

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Like a Hydra,

there are many more where Wirex came from and with the introduction of Graft, Crypterium and a growing number of crypto payment platforms and integration technologies, will it be a case of a few early pioneers going pop before it becomes an accepted norm ?

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Wirex

They have issued a statement on their blog WIREX BLOG saying it's not their fault but they are endeavouring to replace the cards with a new provider (who will issue replacement cards free of charge in Q1.) that could be up to nearly 3 months away. I think Bitwala and Monaco, etc will be laughing into their coffee as the slack in business could see Wirex go poof in the meantime. 3 months is a long time to be out of your own main market. If they can re-issue new cards within the next 30 days they might retain customers. The damage to rep and trust may already be done !

REFUNDS ?

what is interesting is that wirex have no power (i think) to recoup the funds on the cards, although it seems likely they will get it back into people's wirex accounts in the currency it was available as. If someone had thousands of dollars loaded onto a card, they'd be pretty worried / annoyed at the moment.