Visa has terminated Gibraltar-based cryptocurrency card provider WaveCrest from its network in Europe, leading to suspension of all associated debit cards.

Wavecrest offers services to various crypto-card firms such as Bitwala, Cryptopay, Wirex and TenX, which convert cryptocurrencies into cash loaded on to a prepaid card that customers can use for everyday transactions.

The termination of WaveCrest, reportedly, follows violation of Visa’s operating regulations.

Visa said: “We can confirm that WaveCrest’s Visa membership is being terminated due to non-compliance with our operating rules. All WaveCrest-issued Visa card programmes will be closed as a result.

“The termination of WaveCrest’s Visa membership does not affect other Visa issuers’ card programmes, including those using fiat funds converted from cryptocurrency.”

Following the termination, WaveCrest informed that the funds related to the ceased cards could be redeemed through other channels.

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By GlobalData

WaveCrest in its statement said: “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.”