Coinbase cryptocurrency wallet owners faced double commission deductions due to the features of Visa

    In mid-February, owners of Coinbase crypto-wallets faced a problem - a commission for committed transactions was written off several times from them. Initially, it was believed that this was a technical malfunction in the service, however, its management denied this by shifting the blame to the Visa payment system.

    What is the problem

    The problem became known after Reddit users began to discuss debiting large commissions from their accounts. Sometimes the amounts written off reached several thousand dollars. Coinbase acknowledged the existence of a problem on its blog, stating that money would be returned to all affected users. At the same time, representatives of the company on Twitter reported that the charges were due to the fact that the Visa payment system “rolled back” the payments and carried them out again, which looked like a double write-off of money:

    Coinbase support explained the problem by the fact that the Visa system suddenly began to consider cryptocurrency transactions not as a purchase, but as a cash withdrawal. A commission corresponding to the new conditions was to be debited from the accounts, and the previous debits were instantly returned. However, due to the fact that operations to return funds to the card are not instantaneous, some users may have observed a decrease in balance.

    Visa reaction

    Initially, representatives of Visa denied this, saying that they did not make any system changes that could lead to double transactions and no other companies except Coinbase reported similar problems with users.

    However, a little later, the management of the payment system revised its view of the problem, and a statement was published in which it already recognized that Coinbase was not to blame for the situation, and that all funds that were accidentally written off were already sent to the users' accounts.

    Other materials on the topic of finance and stock market from ITI Capital :

    Also popular now: