Bitcoin and cryptographic wallet custodian Iq Option is discontinuing support for credit card payments. implying that Xapo officially stops buying cryptos with TDC. In addition, it is moving its operations to Gibraltar.
Through an announcement sent via e-mail on Friday, Xapo said that its users will not be able to add funds to their account via credit cards after June 11. In addition, bank transfers will only be supported above a certain minimum amount, depending on the user’s location.
„If you make a transfer, the application will detect your country of residence and specify the minimum amount.“
Says the company announcement
Review of the Xapo wallet
The announcement sent by Xapo to its clients says: „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). The transfer of incoming and outgoing BTCs will not be affected at all.
These changes come after Xapo announced on May 5th that it would be transformed into a digital bank by the end of 2020. It will also move its operations from California to Gibraltar, which offers a regulatory framework for cryptography 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 currency. The cryptos trader behind the legal action is trying to force the exchanges to hand over nearly 500 Bitcoins that he claims to have lost in a hack.
Xapo in the process of becoming a digital bank
Announcement of Xapo via email to its users.
„As you know, Xapo is becoming a digital bank. We will be located in Gibraltar. We are also expanding to offer clients an innovative and unique digital private banking service – our newest and most powerful platform yet.
What does Xapo’s customers mean to you?
„Unfortunately, this change means that we must discontinue some of the services we currently offer:
As of 6/20/11 you will not be able to add funds to your account via a credit card. In addition, 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.“