Cryptocurrency investors see additional charges on credit card bills, but Coinbase is just a messenger. Coinbase, the leading cryptocurrency exchange operator in the United States, has provided investors with the latest information on fees on their blogs, which were collected immediately upon the purchase of digital coins.
Coinbase said these charges have a separate line item, listed as "prepaid cash / cash equivalents on bank statements," not from the exchange but from third parties at the merchant category code (MCC) bank and card issuer. (MCC is a merchant classification system, so tax authorities can track).
These allegations aggravate the banking sector's injury, which in the United States has taken a complete ban on credit cards to buy digital money. Although these extra charges were not charged, Coinbase did a faux pas, stating that poor communication with users.
Coinbase defended itself, saying it cost, "Unfortunately, we do not have a way to know when it might be accused, or how likely it is." They gave a suggestion that buyers contact their bank and ask for a fee to be waived. If this does not work, please replace the card with a less expensive bank.
A two punch
In addition to charges, Coinbase cracked down on a ban that bars U.S. banks, including Chase Bank, Bank of America, Citibank and Capital One, from barring digital coin credit card transactions. To rule out bans and fees and experiencing higher weekly limits, Coinbase told investors: "All debit card transactions are not affected."
The limits will be different depending on the associated accounts with which the investor transacts and under Coinbase you have a separate "Coinbase Account Limit" regardless of the payment method used.
In addition to the subtle warnings on the site, Coinbase urged users to switch to debit card payments by sending an email. You can see a copy of this email in a previous CCN article.
Investors can buy bitcoin, bitcoin cash, Ethreum or Litecoin via a debit or bank account, which is the four digital coins that Coinbase currently accepts. The latter will take around seven days to reach your BTC, BCH, ETH or LTC wallets, which is fine for long-term investment but shorter for trading.
Coinbase also touted the "record-breaking December subscription," triggering a delay despite the positive development that has also put a burden on the verification system. Since then, the exchange has strengthened its verification system and integrated more identity providers.
Coinbase will continue to announce the latest developments on Coinbase blogs and social media accounts.