Bitpay Discredited by Visa and User Accounts Shut Down

by Admin on January 6, 2018

Friday saw a Bitpay card users membership terminated by payment giant Visa. Bitpay’s failure of compliance meant VISA dropping the Bitcoin company and shutting down users accounts. In a statement, Bitpay announced that it apologized for not giving customers a lengthier warning and those customers who purchased a card after the 1st of December last year should expect a refund.

Bitpay and similar cryptocurrency providers such as Cryptopay and Bitwala shared that they are currently in emergency meetings and discussions with alternative card issuers. The shut down however, has only affected the European market and that “US customers would not experience any disruptions”.

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Visa has not completely cut ties with cyrptocurrency-based cards only Bitpay and similar providers who have failed to meet compliance regulations. Bitpay has taken a blow from the incident only announcing merely a year ago that they were expanding into 131 countries that would allow for users to fill their balances with cryptocurrence and spend in Euros, Pounds and US dollars.

Read the full story here

Related Blog: Goldman Sachs Latest Critic of Bitcoin

Image: MBatty

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