There are a few issues in the world of cryptocurrency debit cards. More specifically, Visa apparently suspended nearly all debit card providers.
This includes Bitwala, Wirex, TenX, and even CoinsBan. All of these companies rely on WaveCrest as card issuer and their subsequent partnership with Visa. It is now evident, things are not looking all that great for the affected companies.
Whether or not this issue can be rectified in the near future remains unlikely.
Using a Bitcoin debit card has been pretty darn fun in Europa. It allows users to spend cryptocurrency at virtually all locations. Unfortunately, this also means none of the companies suffering from this suspension can provide proper customer services. It may very well be the final nail in the coffin for companies who solely focus on this particular business model. Thousands of users are affected by this ordeal, much to the dismay of cryptocurrency enthusiasts worldwide.
Users can still access the funds stored on these cards, though. However, they will no longer be able to use the cards themselves. Visa has forced companies to suspend all cards as of January 5th. There is no indication WaveCrest will be able to reverse this move in the future. They are following the guidelines of Visa Corp, which is not something to be questioned. This is another crackdown against cryptocurrencies, by all indications.
It seems this problem affects all WaveCrest prepaid cards in circulation also. While the company is cryptocurrency-friendly, they do have other clients as well. It is evident this situation is a big problem which will need to be addressed sooner or later. Visa has allegedly discovered some compliance issues when it comes to Wavecrest.
For now, it remains unclear what triggered this decision precisely. Visa will probably have their reasons for this decision. It seems an isolated incident which affects only Wavecrest and all programs in conjunction with this company thus far. It is an very unfortunate situation which opens the doors for new players to enter the market. For now, using virtually any Bitcoin(BTC) debit card in Europe is impossible.