BitPay declares regarding the suspension of the Visa card: safe money, pending refunds
BitPay, one of the companies affected by Visa that suspended the state of the debit card provider WaveCrest this Friday, has launched an announcement about the event today, on Saturday. In the statement, the company assures its clients that the funds they had stored in their BitPay cards at the time of closing are safe, and will eventually be returned to them.
This comes after similar updates issued by Bitwala and Wirex, whose business was also affected.
Visa inadvertently deactivates cryptocurrency cards
In an unexpected turn of events, yesterday, January 5, Visa required that WaveCrest, a debit card issuer based in Europe, "immediately close all its Visa cards." As a result, several cryptocurrency card providers that relied on WaveCrest for transaction processing have been forced to also suspend their services, including BitPay, Bitwala, TenX and Wirex.
In a statement on its decision, Visa said:
"[We] recently canceled a prepaid card issuance in Europe from our network for violating Visa's operating regulations. That issuer, WaveCrest, had to close its Visa card products, some of which were linked to cryptocurrency wallets."
Secure funds, pending repayments
Bitwala and Wirex have already issued their statements on Visa's decision this Friday. Both companies reiterated the fact that neither Visa nor WaveCrest have given them enough warning to prepare for the hasty interruption of the service. In addition, they affirm that users' money is safe and will be reimbursed in due time.
Now, BitPay has joined an own update. On the statement, the card provider announces that all your non-US cards have been deactivated and will not be available for additional payments or withdrawals.
Fortunately for cardholders, BitPay stated that "they will get a refund for canceling the card balance and any pending card charge." In addition, all those who requested your card after December 1, 2017, will be reimbursed the fee for the card order. .
In the future, BitPay, like Bitwala and Wirex, says it is "already in talks" with possible issuers of alternative cards that will allow the company to resume its cryptocurrency debit card services in the near future.
It is worth noting that Visa's latest decision to suspend the status of WaveCrest is apparently not linked to the latter's relationship with cryptocurrency service providers. According to the official statement made by Visa:
"Our actions were not specific to the cryptocurrency, but reflect the failure of [WaveCrest] to comply with Visa policies that guarantee the security and integrity of our payment system.."
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