Xapo suspends purchases of cryptos by credit card, creates new rules of use for its clients and moves its address to Gibraltar.
The custodian of crypto and Bitcoin wallets , Xapo , is discontinuing support for credit card payments. Implying that Xapo officially suspends crypto purchases with TDC. In addition, it moves its operations to Gibraltar.
Through an announcement sent via email on Friday, Xapo said that its users will not be able to add funds to their account through credit cards from June 11. Also, bank transfers will only be supported above a certain minimum amount, depending on the location of the user.
“If you make a transfer, the application will detect your country of residence and specify the minimum amount.”
The announcement sent by Xapo to its clients says that: “Rest assured that these changes will not affect the services of your Xapo BTC portfolio, and your BTC will remain safe with us (as always). BTC transfer in and out will not be affected at all . ”
These changes come after Xapo announced on May 5 that it would transform into a digital bank in late 2020. It will also move its operations from California to Gibraltar, which offers a regulatory framework for crypto companies, but sets a high level of approval.
Earlier this month, a lawsuit was filed against Xapo and Crypto Exchange Indodax for allegedly having a stolen coin. The crypto trader behind the legal action is trying to force the exchanges to deliver nearly 500 Bitcoins that it claims to have lost in a hack.
“ As you know, Xapo is becoming a digital bank. We will be located in Gibraltar. Additionally, we are expanding to offer customers an innovative and exclusive digital private banking service – our newest and most powerful platform yet . ”
What does Xapo customers mean to you?
“ Unfortunately, this change means that we must discontinue some of the services that we currently offer:
As of 06/20/11 they will not be able to add funds to your account through a credit card. Also, bank transfers will only be supported above a certain minimum account, depending on your location. If you make a transfer, the application will detect your country of residence and specify the minimum amount ”.
” We apologize for any inconvenience our transition may cause.”
The announcement concludes with a link to redirect to a question page to solve the doubts of Xapo customers. In this way, the platform, and soon a digital bank, Xapo, suspends crypto purchases with credit cards, and makes restrictions on transfers and amounts of its clients according to its location.