Last updated on April 10th, 2023 at 08:18 am
Credit card and cash processing giant Visa is rebuffing the allegation that it’s responsible for overcharging cryptocurrency traders on Coinbase.
“Visa 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.
“We are reaching out to this merchant’s acquiring financial institution to offer assistance and to ensure cardholders are protected from unauthorized transactions,” the spokesperson to Visa said.
The charges were reported by several Coinbase users, which was acknowledge by the cryptocurrency trading platform on its reddit page.
The overcharges were described as ‘irresponsibly high’ by one of the customers,— sometimes by as much as 50 times their original purchase — for transactions made through the popular cryptocurrency brokerage platform, Coinbase.
Though Coinbase confirmed on its twitter handle that the unauthorized charges would be reversed.
Coinbase put the blame described as ‘technical issue’ on Visa, stating that the bug stemmed from the payment processor’s recent decision to reclassify Coinbase-related transactions as “cash advances.
Visa, however, denied it, calling on Coinbase to check it system to make correction on charges.
Coinbase’s customer base grew overwhelmingly as bitcoin boomed in 2017, making other crytocurrencies to surface on the coin market table.
It has been struggling to address different issues ranging from customers’ millions of complaints, particularly from new cryptocurrency investors to timing of transactions; it had also went offline during violability periods.