Visa: We’re Not to Blame for Coinbase Overcharges

Credit card processing giant Visa is pushing back against allegations that it is to blame for unauthorized charges reported by a growing number of Coinbase customers in recent days.

Earlier this month, Coinbase users began reporting that they had been overcharged — sometimes by as much as 50 times their original purchase — for transactions made through the popular cryptocurrency brokerage platform.

Affected customers reported being saddled with a litany of overdraft fees, in addition to an inability to pay their rent and utility bills.

Writing on Twitter, Coinbase acknowledged the problem and said that the unauthorized charges would be reversed. The San Francisco-based firm blamed the technical issue on Visa, stating that the bug stemmed from the payment processor’s recent decision to reclassify Coinbase-related transactions as “cash advances.