This week, many customers of the exchange platform Coinbase were charged multiple times after purchasing cryptocurrencies on their Visa credit card. Visa took responsibility for the incident and said Coinbase was not to blame.
The joint statement by Visa and Worldpay (a division of Coinbase) posted on the Coinbase blog, states: “Over the last two days, some customers who used a credit or debit card at Coinbase may have seen duplicate transactions posted to their cardholder accounts. This issue was not caused by Coinbase.”
Following is the complete statement made by Coinbase and Visa:
What happened is there was a change in the Merchant Category Code (MCC) for cryptocurrency purchases. This made it so that purchases made by credit card were labeled as cash advances.
Coinbase and Visa seem handled the situation in a nice way. Let’s hope everyone gets the money they lost back and we can put this situation behind.