news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.


© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Visa Suspends WaveCrest Status, Stopping Some Crypto Credit Cards

The Visa corporation has suspended membership for company that powers many crypto-backed Visa cards, leaving customers stranded.

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 CryptoPayBitwala, 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.

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.

No Comments

Post A Comment