News

Coinbase and Visa quarrel over incorrect crypto credit charges

Tuesday 20 February 2018 10:12 CET | News

Coinbase, a US-based cryptocurrency exchange, and Visa have been disputing over reversed or duplicated cryptocurrency purchases with credit and debit cards.

The news comes after multiple Coinbase customers raised concerns over such transactions and additional fees, prompting the crypto exchange to claim that “a number of major credit card networks” had changed their codes for Bitcoin purchases. Following that statement, Visa said they were not one of the companies that had done so, according to Bank Innovation.

In a statement published on Finextra, Visa refuted Coinbase’s claims, stating that it had not made “any systems changes that would result in the duplicate transactions cardholders are reporting.” This is in keeping with the company’s previous statements on the issue, where it said it had not changed its Bitcoin purchase policies.

However, Coinbase announced plans to work with large credit card networks to create a new MCC (merchant category code) for digital currency purchases.

In the end, according to Cointelegraph, Visa and payment processing company Worldpay issued a joint statement on the Coinbase blog taking responsibility for charging Coinbase customers multiple times for the same transaction.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Coinbase, Visa, cryptocurrency, credit card, debit card, cryptocurrency accounts, cryptocurrency purchases
Categories: DeFi & Crypto & Web3
Companies:
Countries: World
This article is part of category

DeFi & Crypto & Web3






Industry Events