Cryptocurrency card owners outside Europe will no longer be serviced by Shakepay and Xapo

1 September 2017

Cardholders of Shakepay and Xapo, providers of cryptocurrency debit cards, living outside the European Union, will no longer be able to use their cards, as Visa requires the two companies to stop servicing customers, who are not residing in Europe. In the official report the two companies announced that they have time before October 15 this year to discontinue card issue for the given group of users.

Shakepay reported that its partner bank is forced by Visa to cease making debit cards for non-European residents. Those customers outside the EU who were lucky to get their debit card will have a chance to deposit and withdraw cash from the cards before October 15, and Shakepay recommends such cardholders to use all available balance on the cards by that date.

Xapo also reported on its website to customers that Visa requires the same and noted that only cardholders in the European Union will have access to new Xapo debit cards effective immediately. All existing cards will remain operable until October 15, after which they will be suspended for all customers outside the EU area.

It is expected that the cryptocurrency card issuers will offset the discontinued service and come with some new offering for customers left overboard. Meantime, the requirement will not affect the cryptocurrency debit card service in general, and the cards will remain in circulation limited by the boundaries of the European territory.

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