Bitcoin Providers Suspended Services Today Due to Actions by Visa Europe Against WaveCrest

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My name is Scott Hartley I am from Nashville, TN, and love to cover topics related to the latest tech trends, social media, and cars!

Bitcoin users in Europe are going to experience issues as Bitwala Cryptopay, Wirex, and TenX all suspended their services today. This move comes in response in regards to actions that were taken by Visa Europe against WaveCrest. The presumed card issuers for the above-pre-paid crypto debit card providers.

Bitcoin is a cryptocurrency that first launched back in 2009 and it became the first decentralized virtual currency. Companies such as Bitwala and TenX provide their users with the ability to use this currency for traditional payment transactions. This works by issuing the user a card either by Visa or MasterCard. Users using these services often replace their traditional currency or are holders in large amounts of these currencies.

The statement issued by Visa Europe confirms the companies move to terminate WaveCrest’s Visa membership was due to continued non-compliance with their operation rules.

The below statement was released by Bitwala regarding the move.

“The decision also symbolizes that Visa, and by proxy other traditional finance corporations, is not willing to service the growing crypto economy. This, in turn, motivates us to proceed further with our vision of building a crypto first bank which provides a bitcoin debit card with uninterrupted service.”

Good news is users who have used any of the above services can expect their currencies to be put back into their digital wallets. However, there does not appear to be a fix for the lack of card payments one possibility is to go ahead and use another payment card issuer but without Visa the only other real option would be Mastercard (which is also what MoviePass users).

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