US customers will no longer be allowed to add credit cards to their Coinbase account.
On February 13, 2018, as a result of many credit card payment providers backing off from permitting cryptocurrency-related purchases, Coinbase has announced, “We have disabled adding new credit cards as a payment method for US customers.”
US-based customers who have already added credit cards to their accounts may continue to use them, provided banks will allow the transactions. Coinbase warns that for such transactions, banks may charge an added “cash advance” fee. Coinbase recommends that customers seeking to avoid fees and credit card blockages switch their payment method to debit, which remains unaffected by the policy change.
The exchange also announced that ongoing issues with making USD withdrawals from Coinbase accounts directly into PayPal accounts have not been operational for several weeks, and will remain offline in the long term until a solution is reached. For now, Coinbase plans to re-enable PayPal withdrawals for a two-week period, so that customers relying on PayPal can set up an alternative method of withdrawal.
Coinbase related that, in the meantime, it is working toward a fix for the credit card issue:
“We are actively working with card networks and card issuers to find a long term solution. For customers in the UK, EU, Canada, Australia and Singapore, we are collecting feedback and evaluating similar changes.”
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