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Bogus Charges, Surprise Fees: Inside Coinbase's Credit-Card Pain [Bloomberg Business News]

MASTERCARD (MA)  More Company Research Source: Bloomberg Business News
Last mastercard earnings: 7/26 08:04 am Check Earnings Report
PDF Coinbase, the largest U.S. cryptocurrency exchange, risks seeing its burgeoning business choked if it doesn’t work smoothly with the traditional finance industry. Right now, both sides are bickering. The troubles began snowballing early this month when several U.S. banks said they would block credit-card purchases of Bitcoin and other digital currencies on venues around the world. Soon, Coinbase users whose banks still supported sales were flocking to online forums to complain that hefty “ cash advance ” fees were appearing on card statements. Days later, phantom charges -- typically duplicates of earlier purchases -- began appearing, too. Coinbase, which has said its business won’t work without public confidence, has been firing off accusations on Twitter, blaming banks and card networks such as Visa Inc. for the troubles. But behind the scenes, some in the financial industry are pushing back, noting there’s one common denominator: Coinbase. Threat a [Read more]

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