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.
Unfortunately, our card issuer instructed us to cease all Cryptopay prepaid cards starting January 5th, 2018. All funds stored on cards are safe and will be returned to your Cryptopay accounts ASAP. Sorry for all the inconvenience caused, we’re working on the solution!
— Cryptopay (@cryptopay) January 5, 2018
#TenX advisory: Following an urgent communication from our card issuer WaveCrest, payments on the TenX card will be unavailable. We are working on a solution and will let you know further details as soon as we have them. We apologise for the inconvenience.
— TenX (@tenxwallet) January 5, 2018
Following an announcement from our card issuer on behalf of Visa Europe, Bitwala cards are taken out of operation starting today. Our team is holding an emergency meeting to resolve the issue with the card holders best interest in mind and will make an update shortly.
— Bitwala (@bitwala) January 5, 2018
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).