Visa Bans Cryptocurrency-Backed Cards

Visa ended its relationship with a large cryptocurrency card provider on Friday, causing thousands of people’s transactions to be declined and scrambling to figure out how to access their money.

The card provider, WaveCrest, confirmed in an email to CNBC that it was required “to immediately close all Visa cards.”

“As a licensed E-Money Institution, WaveCrest is required to safeguard funds to cover all of its issued electronic money and we can confirm that these funds are safe and available for redemption through other channels,” the statement read.

Visa, a payment network, did not immediately respond to a request for comment.

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