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.
UPDATE, 9 Jan: Cardholders can now request refunds for balances from Wave Crest. Learn how to claim a bitcoin or bank transfer refund.
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.
For Non-US Residents:The BitPay Visa® Prepaid Card is issued by Wave Crest Holdings Limited pursuant to a license from Visa® Europe. Visa® is a registered trademark of Visa Incorporated. Wave Crest Holdings Limited is a licensed electronic money institution by the Financial Services Commission, Gibraltar.