Visa puts kibosh on prepaid crypto cards

Visa recently locked down prepaid cryptocurrency cards from BitPay, Cryptopay and Bitwala, provided through WaveCrest in Europe. Customers used these prepaid cards to buy cryptocurrencies and transfer them onto the card for use, according to a report by The Independent.

"We can confirm that WaveCrest’s Visa membership is being terminated due to noncompliance with our operating rules," Visa said in a statement. "All WaveCrest-issued Visa card programs will be closed as a result."

BitPay assured users in a statement that it would refund card balances to users of Europe-issued cards. At this time, U.S. customers are not affected by the Visa action.

Cryptopay also promised to refund all users' funds. Bitwala said it would hold an emergency meeting to attempt to resolve the issue.

Topics: Banking, Bitcoin, Cryptocurrency, Payment Networks / Payment Processors

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