Statement on Wave Crest’s Closing of Non-US BitPay Card Accounts
We sent a modified version of this statement to all affected BitPay cardholders earlier today. We continue to communicate with cardholders as the situation develops.
Yesterday our European BitPay Card issuer Wave Crest Holdings, Ltd. received direction from Visa® to immediately close all accounts of its prepaid Visa® debit card programs.
The BitPay Prepaid Visa® Debit Card (non-US) was one of these programs, along with other cryptocurrency-related and standard prepaid Visa® debit cards. Unfortunately, Wave Crest was unable to provide us or cardholders with more time to prepare for this change.
What does this change mean for cardholders?
Wave Crest has complied with Visa®’s directions and has immediately deactivated Wave Crest-issued BitPay Cards. Cardholders can no longer use cards for further payments or withdrawals. They can continue to log in to the BitPay Card dashboard for access to payment history, load history, and other important information.
What happens to cardholder balances?
BitPay cardholders will receive refunds for ending card balances. We will be working with Wave Crest to make sure that all card balances return to our cardholders quickly.
BitPay will offering card order fee refunds for all users who ordered on or after 1 December 2017.
What’s next for the international BitPay Card?
Many European bitcoin users have come to rely on the BitPay Card for day to day transactions. We’re disappointed that this change will keep us from serving them.
We are already in discussions with potential alternative issuers for the BitPay Card which will allow us to serve customers in Europe and beyond. The BitPay Card will continue to be available for users in the United States without interruption.
As part of our commitment to BitPay Card users, we will give current cardholders the option to request a free card when the BitPay Card is again available in their countries.
Bitwala cards have been disabled
Yesterday our Bitwala Card issuer WaveCrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately. Unfortunately, neither Visa nor WaveCrest were able to provide us or you with more time to prepare for this announcement.
How card users are affected
Your Bitwala card is now deactivated and you will not be able to use it for further payments or withdrawals. This affects both physical and virtual cards. We have already
Your funds are safe and you will get a refund
Bitwala has been assured that all affected users will get a refund for their card balance and any outstanding card top ups directly into their bank account. We’ve created this support article to help you claim a refund.
We will also be offering card order fee refunds to all users who ordered it on or after 1 December, 2017.
What is Bitwala doing next?
The Bitwala Debit Card remains one of the pillars of our service and we will make it again part of our product offering. Ever since we announced our vision, we have been approached by a number of alternative card issuers and we are already in discussions to bring a solution in the short term future.
We want to sincerely thank you for using our card. We are disappointed that we can’t serve you anymore and that the change came so quickly. As part of our commitment to you, we will send you an email once the Bitwala card becomes available again. We hope that in the meantime you will continue being part of the revolution and make the most of Bitwala’s Blockchain Banking and Bitcoin wallet.
We have created a dedicated FAQ section on our help centre to answer your most common questions in the meantime.
Current Cards Cancelled. Money Safe. New Cards Coming Soon.
Yesterday, our partner WaveCrest Holdings, Ltd., which provides our cards was instructed by VISA to close all of its prepaid cryptocurrency-related and standard prepaid VISA debit card programs. The Wirex card is such a program.
As a result, your Wirex Payment Cards have been deactivated, and you will not be able to use it for further payment or withdrawals.
Unfortunately, we were given no notice by the supplier WaveCrest to prepare for this change. The whole Wirex team is working diligently to rectify this ASAP.
Your money is safe
The security of your money is our top priority and we assure you that all your funds are safe. Our team is working around the clock to ensure customer funds are transferred back from prepaid VISA accounts ASAP.
We will be providing card order fee refunds to anyone who ordered a card on or after December 1st, 2017.
More details on our refund procedure will be emailed to all our users within the next few days. We appreciate your patience as we respond to this sudden change.
What is Wirex doing about it?
We are moving forward with a new card issuer, and are very close to being able to release our new cards. We expect to deliver this in Q1. As part of this changeover, our new card issuer will provide free replacements to all users who already have cards.
Verified users will still be able to buy bitcoin using your local bank card. We will be releasing our new verification process within the next week. Furthermore, we will be increasing daily limits to $500 from Monday.
Please accept our sincerest apologies for all the inconveniences caused as a result of this sudden change.
Thank you for being patient and putting trust in us and our service, as we work through this transition.