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Credit card processing large Visa is pushing again in opposition to allegations that it’s accountable for unauthorized fees reported by a rising variety of Coinbase clients in current days.
Earlier this month, Coinbase customers started reporting that they’d been overcharged — typically by as a lot as 50 occasions their unique buy — for transactions made by means of the favored cryptocurrency brokerage platform.
Affected clients reported being saddled with a litany of overdraft charges, along with an incapacity to pay their lease and utility payments.
Writing on Twitter, Coinbase acknowledged the issue and stated that the unauthorized fees could be reversed. The San Francisco-based agency blamed the technical problem on Visa, stating that the bug stemmed from the cost processor’s current choice to reclassify Coinbase-related transactions as “money advances.
Visa, nevertheless, denied that it was chargeable for the overcharges. The downside, the agency stated, lay on the toes of Coinbase.
“Visa has not made any systems changes that would result in the duplicate transactions cardholders are reporting,” a Visa spokesperson instructed tech outlet The Next Web. “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 added.
Regardless of which firm is definitely accountable, the incident marks the newest in an extended line of public relations complications that Coinbase has confronted because it has matured from a plucky cryptocurrency startup into an trade large with a $1.6 billion valuation.
The firm has struggled to scale its operations to fulfill surging shopper demand, typically going offline in periods of market volatility. Customer complains have additionally soared in current months, owing to the truth that the agency’s buyer assist employees has been overwhelmed with requests from new customers, a lot of whom are new to the cryptocurrency house.
Coinbase didn’t instantly reply to a request for remark.
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