Visa Confirms Coinbase Was NOT At Fault For Overcharging Users

Håkan Dahlström Photography

Visa has accepted responsibility for charging users of Coinbase with multiple charges to their accounts, apologizing for the gross error.

Numerous users of Coinbase reported duplicate charges on their credit and debit cards.

After initially confirming the reports, Coinbase passed the blame for the situation on to Visa, stating the “erroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase.”

A spokesperson for Visa initially told the Financial Times that Coinbase was actually at fault, stating that the financial institution “has not made any systems changes that would result in the duplicate transactions cardholders are reporting […] we are also not aware of any other merchants who are experiencing this issue” — seemingly passing the blame back to Coinbase.

In a joint statement from Visa and Worldpay published on Coinbase’s official blog, the companies explain:

“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. Worldpay and Coinbase have been working with Visa and Visa issuing banks to ensure that the duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts.

All reversal transactions have now been issued, and should appear on customers’ credit card and debit card accounts within the next few days. We believe the majority of these reversals have already posted to accounts. If you continue to have problems with your credit or debit card account after this reversal period, including issues relating to card fees or charges, we encourage you to contact your card issuing bank. We deeply regret any inconvenience this may have caused customers,” Visa and Worldpay wrote.

Coinbase CEO Brian Armstrong hit out at media reports that initially placed the blame on Coinbase in a tweet.

This comes amid major banks and credit card providers reportedly no longer allowing customers to purchase Bitcoin with their credit cards … that list did not include Visa.

Coinbase recently launched a new commerce service self-titled Coinbase Commerce to help online stores handle payments in four leading cryptocurrencies – BTC, ETH, Bitcoin Cash, and LTC.

Coinbase is valued at $1.6 billion after raising $100 million last year alone.

Bitcoin is currently trading at [FIAT: $10,873.00] according to Coin Market Cap at the time of this report.

Want an edge in the crypto markets? Subscribe to our free newsletter. Follow Coinivore on Facebook, at Twitter and Steemit.