Ugh: Visa Shuts Down Crypto Credit Card Company Without Warning

Gibralta based payment solutions company, Wavecrest, was shut down by Visa today, stranding thousands of people with Bitcoin credit cards now effectively worthless.
The card provider, WaveCrest, confirmed in an email to CNBC that it was required “to immediately close all Visa cards.”
“As a licensed E-Money Institution, WaveCrest is required to safeguard funds to cover all of its issued electronic money and we can confirm that these funds are safe and available for redemption through other channels,” the statement read.
Visa, a payment network, did not immediately respond to a request for comment.
Wavecrest provided its services to a number of crypto-card companies, including Bitwala, Cryptopay, Wirex and TenX. These companies convert people’s cryptocurrencies into cash that is loaded on to a prepaid card, allowing people to use the currency for everyday transactions.
Now these cards are invalid.
Tenx is -19% and Cryptopay -18% on the news, a rather tepid response considering the news.
Apparently, Tenx is already working on a solution and have taken to Twitter to assuage users.

Quote :: Card issuer WaveCrest apparently informed BTC debit card companies they must IMMEDIATELY close *all* non-US accounts.@BitPay, @tenxwallet, @wirexapp all issued statements to users.

Haven’t seen statements from @xapo, @bitwala yet, but I believe they use the same issuer.
— Udi Wertheimer [BIP84] (@udiWertheimer) January 5, 2018

Quote :: #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

Ugh: Visa Shuts Down Crypto Credit Card Company Without Warning

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Ugh: Visa Shuts Down Crypto Credit Card Company Without Warning

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