Coinbase, the largest U.S. cryptocurrency exchange, said some customers’ credit and debit cards were incorrectly charged and pledged that they won’t be saddled with those costs.
“We have identified a solution and any future purchases will not be affected by this issue,” the San Francisco-based company said Thursday in a post on Twitter. “We will ensure any customer affected by this issue is fully refunded for any incorrect charge. We expect this to happen for customers automatically through their bank.”
The glitch arose as some financial companies changed how they classify card purchases made on crypto exchanges, the company said. Weeks ago, buyers of digital coins began complaining that they were getting hit with “cash advance” fees on their cards — the result of an arcane code that financial firms assigned to the transactions, essentially treating them as akin to buying a traditional currency.
— With assistance by Steven Crabill