Cubits disables bitcoin buying via credit cards

Investing | August 1, 2016 By:

Cubits announced it will temporarily disable credit card payments for bitcoin purchases.

In the fall of 2015, Cubits added credit cards as a payment method to purchase bitcoin. However, it appears even though Cubits had enhanced fraud detection and security methods, it wasn’t enough to stop criminals from using stolen credit card data to buy bitcoin on the exchange.

“In the past days, we have experienced a strong rise in bitcoin purchases conducted with stolen credit card data. As a result we have decided to temporarily disable credit card payments. While we are working on a solution for this, instant bitcoin purchases naturally remain possible using Skrill, OKPAY, dotpay and soon Neteller. We hope to reactivate card payments some time very soon again,” said Cubits.

Cubits is a UK based bitcoin exchange.