Coinbase releases statement on duplicate charges problem, says issue was not internal

The company says that reversal transactions “have now been issued”

U.S.-based cryptocurrency exchange Coinbase has released a statement exonerating itself as the culprit behind a string of duplicate transactions charged to customers purchasing stakes in cryptocurrencies.

“This issue was not caused by Coinbase,” reads an excerpt from a February 16th, 2018 Coinbase media release. “Worldpay and Coinbase have been working with Visa and Visa issuing banks to ensure that the duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts.”

The company stated that reversal transactions have been issued and that customers should note these reversals “within the next few days.”

While the Coinbase news seemingly first came to light around February 15th, 2018, users on the Coinbase subreddit described being charged multiple times for one-time transactions as far back as February 4th, 2018.

Coinbase also acknowledged that it was aware of the duplicate charge issue in a February 4th Reddit post.

The duplicate charges were believed to stem from a change to the Merchant Category Code (MCC) for digital currency purchases.

An MCC is a four-digit number used to distinguish and classify businesses based on the goods or services they provide. MCCs are issued to merchants by credit card companies.

Coinbase has yet to confirm precisely how many customers were affected by the duplicate charge issue.

MobileSyrup has reached out for comment, and this story will be updated with a response.

Source: Coinbase blog