Visa canceled a card agency membership, three cryptocurrency payment companies affected

nREVIEW: According to BitPay, Cryptopay and Bitwala, three cryptocurrency payment companies have reportedly canceled their Visa membership at WaveCrest, the European issuer with which they partner, so the three companies immediately shut down their European accounts and returned the balance. At present, they all also said they are actively approaching the new issuer, hoping to deal with this situation.n
nTranslation: Inan
Payment giant Visa terminated membership of a card issuer last Friday, leaving three cryptocurrency debit card providers to stop their services.n
BitPay, a bitcoin payment services company, said in a statement that Visa has notified WaveCrest Holdings, the European issuer, to close all its accounts. The company will refund any balances and card purchases to users who have made their cards after December 1, 2017.n
BitPay’s statement wrote:n
nYesterday, WaveCrest Holdings, our European BitPay card issuer, has received instructions from Visa to immediately close all accounts in its prepaid Visa Debit Card program, a BitPay card (not in the U.S.) and other cryptocurrency-related and standard prepaid Visa loans It’s a pity that WaveCrest can not give us or cardholders more time to deal with this change. “n
nPayment providers Cryptopay and Bitwala have also announced that they will terminate their services and return the balance.n
Bitwala in Berlin said on Twitter that his team had an emergency meeting to discuss the issue. Cryptopay in London subsequently released a Tweet that it had begun negotiations with another card issuer.n
BitPay also said “has been discussed with other publishers that may work together.”n
It is worth noting that only European users will suffer from such services being stopped. BitPay said its U.S. users will not be disturbed. “n
A European spokesman for Visa said in a statement that WaveCrest has lost Visa membership because of non-compliance with its operating rules. As a result, all Visa cards issued by WaveCrest are frozen.n
Other Visa issuers can still continue to issue encrypted currency debit cards.n
Earlier, BitPay announced at CoinDesk’s 2017 Consensus Conference that it is expanding its operations to 131 countries. BitPay cards allow users to deposit encrypted currency but pay in euros, pounds sterling or dollars.n
Brent Almeida, chief executive of WaveCrest, said:n
n”We have notified our partners and cardholders to close these accounts at Visa’s request and our top priority is to ensure that all funds are returned safely and in a timely manner and we are very sorry for the inconvenience this decision has caused to all users. Unaffected, we continue to provide world-class B2B payment solutions to partners around the world. “n

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