[2018-01-06] Visa Suspends WaveCrest Status, Stopping Some Crypto Credit Cards

[cybersofts]

Visa Suspends WaveCrest Status, Stopping Some Crypto Credit Cards



A great many of Visa’s cryptocurrency debit cards have ceased working today as the company ended its relationship with a debit card provider called WaveCrest. Affected cards are those issued by WaveCrest, including products from CryptoPay, Bitwala, TenX, Wirex and others.

The move, which first appeared to be cryptocurrency related, is in fact simply a crackdown against the WaveCrest company, who has apparently violated Visa’s policies. A Visa representative has told TNW:

    "We can confirm that WaveCrest’s Visa membership is being terminated due to continued non-compliance with our operating rules. All of WaveCrest’s Visa card programmes will be closed as a result.

    Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.”

The news first broke via Twitter, with a number of companies linked to WaveCrest making public apologies.

    We have published more information about the recent Wave Crest decision that affects Bitwala prepaid cards https://t.co/wHMMNvq9Je pic.twitter.com/DjQlKQtMJe
    — Bitwala (@bitwala) January 5, 2018

    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

The general increase in attention from regulators has led to growing fear over a cryptocurrency crackdown. However, the current problem is specifically related to issues with WaveCrest. Other companies and card issues have been unaffected.


Source: https://cointelegraph.com/news/visa-suspends-wavecrest-status-stopping-some-crypto-credit-cards

[eckmar]

Well it looks like to me they don't want anything to do with cryptocurrencies. Also it's it strange that every single one of the card service providers are using the same company to get the cards ? I mean looks like a major panning flaw if they didn't check the company first...

[cosmiclevis]

is there any crypto card that was not associated with wavecrest?

[1Referee]

Visa and of course their other centralized fellow services just show how they rule this market. People don't want to understand how these corporations are controlling almost every aspect of our financial life, which is a horrible and ignorant thing to do. In digital form, there is no way that we can transact without being subject to a corporation validating the transactions we make and take. If they decide to block us from their platforms, we're basically limited in each and every way, which is something we shouldn't allow to happen. That's why I am thankful to have Bitcoin. It's time for people to value what level of freedom Bitcoin is giving to us, because at this point people only focus on the increasing price.

[Samarkand]

Well it looks like to me they don't want anything to do with cryptocurrencies. Also it's it strange that every single one of the card service providers are using the same company to get the cards ? I mean looks like a major panning flaw if they didn't check the company first...

This isn´t really a move against cryptocurrencies.

As you can read in the article:

    Visa has other approved card programmes that use fiat funds converted
from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s
Visa membership does not affect these other products.”

WaveCrest has not complied with certain VISA requirements and therefore all their cards
have been deactivated.

I also don´t think that it´s really a planning fault of BitPay, Bitwala and the other affected
debit card providers, because the cards issued by WaveCrest worked pretty reliable for the last years
and this announcement was a huge surprise to everybody involved.

[Andrewlings]

Visa and of course their other centralized fellow services just show how they rule this market. People don't want to understand how these corporations are controlling almost every aspect of our financial life, which is a horrible and ignorant thing to do. In digital form, there is no way that we can transact without being subject to a corporation validating the transactions we make and take. If they decide to block us from their platforms, we're basically limited in each and every way, which is something we shouldn't allow to happen. That's why I am thankful to have Bitcoin. It's time for people to value what level of freedom Bitcoin is giving to us, because at this point people only focus on the increasing price.

Freedom, it is easy to own BTC but "They" are making it tougher to spend its worth easily! Its like trapping its Virtual worth within the virtual world.