The primary days of the New Year came with an unpleasant surprise for a lot of if not all users of Visa debit cards powered by Bitcoin and/or other crypto currencies as services such as Wirex and Xapo among others just stopped working. The rationale was not known at first aside from the truth that the issuer of the particular Visa prepaid cards, an organization called WaveCrest, has deactivated them after getting instructed to take action directly from Visa. WaveCrest is the Visa debit card partner for a lot of services offering Bitcoin or other crypto currency wallets that may be accessed and funds in them used through the prepaid debit cards. Below is a quote of the e-mail message sent from WaveCrest to all its customers regarding the difficulty, not many details revealed as of the rationale for cards getting deactivated.
We, WaveCrest, are the issuer of your Visa Prepaid card, which you could have enrolled for through considered one of our program partners. Visa have today instructed us that we must close all WaveCrest issued Visa Prepaid Cards with immediate effect.
How will this affect you?
Your WaveCrest-issued Visa Prepaid Card will not function. However, as your funds were stored in your e-wallet they'll remain accessible to you via your wallet provider.
We thanks in your cooperation.
Services such as Wirex and Xapo are still working and offering their customers access to their funds, though the plastic or virtual cards issued by them are not operating while they find another solution with another problems with debit cards. In case you are using another service that's offering a prepaid Visa debit card powered by crypto currencies and it has stopped working suddenly, then the reason being probably the identical – they have used WaveCrest as the cardboard issuer as well. In case you are using a service that also has functioning Visa prepaid debit card powered by BTC or another crypto please be happy to share the name of the service as almost certainly they're using an alternative card issuer. The probabilities are however that other Visa card issuers like WaveCrest may need also received the identical order from Visa to shut down the cards of their crypto partners.
On a side note, we are hearing that in some European countries increasingly more banks are beginning to refuse to simply accept banks transfers coming from crypto exchanges after being advised to take action from their central banks. Apparently there's something cooking within the EU regarding crypto and this year we'd actually see some kind of regulation coming up on a European Union level and we are yet to see if it is going to be for good or for bad.