SpicePay, which is a bitcoin and blockchain payments service, recently announced that it would shut down the credit card to bitcoin wallet service. There were no details given as to why it made the decision.
However, the company did hint that it was because of regulatory issues. The SpicePay users were asked to withdraw their funds at the earliest possible time. Users will be given a week to transfer funds. After that, the service will shut down.
In an earlier statement, the company had claimed the entire operation would shut down. However, they later added that only the credit card to bitcoin service would close. The crypto payment processing service would continue to operate.
How the Service Worked
SpicePay used to let users accept and process payments in LTC, BTC, ETH, and BCH via some integration on the site. The company will also offer crypto wallets and allow the exchange of crypto into fiat where users were able to withdraw their funds in EUR or USD via PayPal, SEPA, or Wire transfers.
SpicePay B.V. owns and operates SpicePay. The company is incorporated under the laws of the Netherlands. Its registered offices are located in Planetenweg 5, 2131 HN Hoofddorp, Netherlands. It also has another office in 71 Central Street, London EC1V 8AB, UK.
More about SpicePay
The current service is a blockchain payment processor. It enables merchants to accept crypto as payment for services and goods. Besides that, they process payments that they receive from the customers. Additionally, they offer an online wallet where they store the information required to keep track of the transactions and holdings.
However, it is worth noting that SpicePay is not a crypto exchange or a platform for the purchase and sale of crypto. The payment processing service is only offered to businesses that offer product or services for sale and legitimate charity organizations, which accept donations.
The service currently processes payments for BTC, ETH, LTC, and BCH. They intend to add more coins in the future. Thus, they encourage users of the service to check the news page for any updates. SpicePay users will receive emails when new crypto is added.
How to Use the Service
To utilize the SpicePay service, you will need an account with SpicePay. The process is quite simple. You need to provide some contact information and data about the business you run. All the data needs to be accurate, complete, and updated.
Changes will have to be made in a timely manner. The platform has a rigorous KYC and SML policy in place. It may require some additional data for the purpose of verifying the identity and assessing the business risk.
At SpicePay, there are no levels to the service. Every merchant is treated the same and shown the same level of care. If needed, you could get developer services from SpicePay. For instance, you might benefit from custom software solutions that are related to the user experience and functionality.