Crypto debit card provider Cryptopay has lost its EMI license in Europe. Find out how users are advised to withdraw their funds immediately and what options are available to them.
The story of crypto debit card provider Cryptopay takes a bitter turn as it loses its EMI license in Europe. This e-money establishment license, issued by the Bank of Lithuania, has been revoked, leaving Cryptopay users in limbo.
Cryptopay, rival of the well-known crypto bank card Binance Card, was quick to react to this unpleasant news. Registered under the UAB PayrNet entity, Cryptopay has contacted its European users to warn them of the situation and urge them to act quickly. It is imperative for account holders linked to this crypto debit card to withdraw their funds without delay.
A major blow for Cryptopay!
In an e-mail to users, Cryptopay states:
“We regret to inform you that our partner, UAB PayrNet, has had its EMI license revoked by the Bank of Lithuania with immediate effect. As a result, UAB PayrNet is no longer able to provide payment services for us. Rest assured that this problem does not influence your Cryptopay account in any way, which will continue to operate as usual.”
However, the Visa card provided by Cryptopay will no longer be operational in Europe. To avoid any inconvenience, Cryptopay strongly recommends that users withdraw their funds using one of the following methods:
- Crypto purchase on Cryptopay: All fees associated with the purchase will be refunded.
- ATM withdrawal: A daily limit of 450 EUR applies, but all withdrawal fees will be refunded.
- Card2Card transfer.
- Spend your card balance online or in-store: Funds are secured and stored by CAB PayrNet in duly designated accounts with credit institutions.
Cryptopay wants to reassure its users that their funds are safe and well protected. However, it is essential to withdraw euro funds quickly to avoid any inconvenience.
This news has taken Cryptopay users by surprise, and they must now act promptly to recover their crypto funds. Cryptopay bank card holders are advised to follow the instructions provided by the company to ensure a smooth transition to other payment solutions.
The loss of the EMI license in Europe is a major blow for Cryptopay, but the security and protection of users’ funds remains a top priority. The Cryptopay team is working tirelessly to find alternative solutions and offer the best possible user experience.
If you’re a Cryptopay bank card user, don’t delay in getting your euro funds back and getting ready to explore new possibilities in the exciting world of cryptos.