Visa Confirms Coinbase Was NOT At Fault For Overcharging Users

Visa has accepted responsibility for charging users of Coinbase with  multiple charges to their accounts apologizing for the gross error. 

Numerous users of Coinbase reported duplicate charges on their credit and debit cards. 

After initially confirming the reports, Coinbase passed the blame for  the situation on to Visa, stating the “erroneous credit and debit  charges are the result of Visa reversing and recharging transactions.  This was not done by Coinbase.” 

A spokesperson for Visa initially told the Financial Times that Coinbase  was actually at fault, stating that the financial institution “has not  made any systems changes that would result in the duplicate transactions  cardholders are reporting […] we are also not aware of any other  merchants who are experiencing this issue” — seemingly passing the blame  back to Coinbase. 

In a joint statement from Visa and Worldpay published on Coinbase’s official blog, the companies explain: 

“Over the last two days, some customers who used a credit or debit card  at Coinbase may have seen duplicate transactions posted to their  cardholder accounts. This issue was not caused by Coinbase. Worldpay and  Coinbase have been working with Visa and Visa issuing banks to ensure  that the duplicate transactions have been reversed and appropriate  credits have been posted to cardholder accounts. 

All reversal transactions have now been issued, and should appear on  customers’ credit card and debit card accounts within the next few days.  We believe the majority of these reversals have already posted to  accounts. If you continue to have problems with your credit or debit  card account after this reversal period, including issues relating to  card fees or charges, we encourage you to contact your card issuing  bank. We deeply regret any inconvenience this may have caused  customers,” Visa and Worldpay wrote. 

 Coinbase CEO Brian Armstrong hit out at media reports that initially placed the blame on Coinbase in a tweet. 

 @BrianArmstrong Glad to see the record set straight on this. It was tough to see people  jump to conclusions here and assume the worst from Coinbase. We'll have  to do a better job getting ahead of issues like this in the future. https://www.theverge.com/2018/2/15/17017374/coinbase-cryptocurrency-bitcoin-ether-unauthorized-charges …  

This comes amid major banks and credit card providers reportedly no longer allowing customers to purchase Bitcoin with their credit cards that list did not include Visa. 

Coinbase recently launched  a new commerce service self-titled Coinbase Commerce to help online  stores handle payments in four leading cryptocurrencies – BTC, ETH,  Bitcoin Cash, and LTC. 

Coinbase is valued at $1.6 billion after raising $100 million last year alone. 

Bitcoin is currently trading at [FIAT:  $10,839.10 $10,873.00] according to Coin Market Cap at the time of this report. 

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