09:46 GMT +316 July 2018
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    Coinbase Attempts to Fix the Error That 'Drained' Clients Bank Accounts

    CC BY 2.0 / Jon Russell / Coinbase
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    A prominent digital currency exchange based in San Francisco has confirmed that its clients ended up being charged with multiple erroneous fees when purchasing cryptocurrency using debit or credit cards.

    Coinbase’s management was forced to acknowledge running afoul of a technical problem after clients of the digital currency exchange started complaining about being charged multiple times after making a single purchase, some even complaining that they had their entire bank accounts “drained” and going “broke”, according to International Business Times.

    Having investigated the matter, the exchange representatives tweeted that the problem were apparently “the result of Visa reversing and recharging transactions” and not Coinbase’s doing, promising to reimburse "all affected customers."

    ​"Over the last few months, large banks and card issuers requested that card networks change the MCC for purchases of digital currency. Visa changed the MCC [Merchant Category Classification] for digital currency purchases to a code that allows large banks and card issuers to charge consumers additional fees," Coinbase explained.

    READ MORE: Bitcoin Bandit: Chicago Trader on Trial For Stealing $2 Mln in Cryptocurrency

    The company apologized for "any frustration" caused by this experience and assured the customers that it’s "actively working with banks, processors and networks to improve the digital currency purchasing experience."

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    Tags:
    credit cards, payments, error, Coinbase, San Francisco, United States
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