Cryptopay, a popular EU cryptocurrency debit card provider, has faced a setback as the Bank of Lithuania revoked the Electronic Money Institution (EMI) license of its provider, UAB PayrNet.
This development may lead to Cryptopay debit cards in the EU ceasing to function. Although this could potentially restrict access to funds on the card, the company has assured customers that their funds are safe.
Cryptopay has encouraged users to expend or transfer their card balance promptly. Despite the possible disruption in card services, Cryptopay clarified that the overall user account operation remains unaffected.
The company recommended using the card to purchase crypto, withdraw cash from an ATM, transfer to another card, or use the balance at a store.
In case of a complete card service cessation, Cryptopay reassured that customers could recover their funds directly from UAB PayrNet, promising to facilitate the process if needed.
The problem is primarily impacting EU users. However, users in the United Kingdom might experience temporary disruptions due to a pause in card services to ensure operational stability.
The company anticipates a return to normal service within a few days in the UK.
Konstantin Gorin, Cryptopay head of support, expressed confidence in the company’s resilience in the face of this challenge, citing past successful navigation of similar crises in the banking system.
Gorin also mentioned the team’s work on a new debit program, with the priority to take care of affected clients.
Despite ongoing difficulties in the crypto debit card industry, signals of acceptance are emerging. In March, Mastercard declared its intention to integrate stablecoins into its payment network in the Asia-Pacific region, signaling an increasing acceptance of cryptocurrency in the traditional financial world.
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