Xapo Suspends Credit Card Crypto Purchases, Shifts Operations to Gibraltar

Xapo is making changes as it transforms into a digital bank launching later this year.

AccessTimeIconJun 12, 2020 at 9:47 a.m. UTC
Updated May 9, 2023 at 3:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto wallet and bitcoin custodian, Xapo is discontinuing support for credit card payments for digital asset purchases.

In an emailed announcement on Friday, Xapo said its users would not be able to add funds to their account through credit cards beginning June 11. Additionally, bank transfers will only be supported above a certain minimum amount, depending on the user's location.

  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Appchain Protocol Tanssi Raises $6M
    18:57
    Appchain Protocol Tanssi Raises $6M
  • Breaking Down Internet Computer's 40% Rally
    00:59
    Breaking Down Internet Computer's 40% Rally
  • HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
    02:14
    HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
  • "If you make a transfer, the app will detect your country of residence and specify the minimum amount," the company email said.

    "Rest assured, these changes will not affect your Xapo BTC wallet services, and your BTC will remain safe and secure with us (as always). BTC transfer in and out will not be affected at all," the email added.

    The changes come after Xapo announced on May 5 it would be transforming into a digital bank late in 2020. It will also move its operations from California to Gibraltar, which offers a regulatory framework for cryptocurrency firms but sets a high standard for approvals.

    Earlier this month, a lawsuit was brought against Xapo and crypto exchange Indodax for allegedly holding stolen bitcoin. The crypto trader behind the legal action is attempting to force the exchanges to hand over nearly 500 bitcoin (currently worth around $4.7 million) he claims to have lost in a hack.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.