CEX.io blocked

Ideas & Feedback Feedback
1

I noticed Revolut recently blocked funding CEX.io through cards, even for VISA cards (it worked just 2 days ago).

Can anyone from Revolut please let me know why and whether these will be re-enabled in the future?

Feels weird that Revolut, which offers cryptocurrency, would block a cryptocurrency exchange.

@anon33247966 ?

3 Likes
2

Competition? But would be unfair

3

I can confirm, but they answered on other topics theyā€™re not blocking, itā€™s just that cex.io (and others) now need 3d secure.

You can still send money to all exchanges using bank transfer (SEPA).

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4

According to Revolutā€™s support the new VISA cards ARE 3D secure, so that shouldnā€™t be the problem

5

Good to know! Thanks!

7

There are some merchants that are not supported with your Revolut card. At the moment, this includes:

  • Financial securities brokers and dealers
  • Foreign exchange bureaus (including TravelEx ATMs)
  • Unmanned petrol stations (although you can still pay inside!)

Some merchants we allow up to a cumulative limit, after which you will need to verify your ID and confirm your top up cards to continue using them:

  • Payment services ($200 or equivalent)
  • Prepaid cards ($200 or equivalent)
  • Dating & Escort services ($200 or equivalent)
  • Betting/gambling services ($120 or equivalent)
  • Jewellery & Art dealers

Merchants are categorized by their merchant category code (MCC), and this is how we recognize what type of merchant they are. A merchant can sometimes wrongfully categorise under an MCC. If you receive a push notification saying ā€˜This merchant isnā€™t supportedā€™ when it isnā€™t listed above, it is likely to be because of their MCC.

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8

Thank you for the response @anon33247966.

So in this case, is the merchant mistakenly blocked ? The push notification I got in :r: was something like: ā€œWeā€™re currently not accepting this merchant (ā€¦)ā€ and then declined the payment.

I guess CEX.io falls under the category of ā€œForeign exchange bureausā€, kind of. Why are these merchants not supported ?

9

Thanks Andreas.

I must say, this is highly annoying. I really dislike the notion that my bank (Revolut in this case) should be telling me what I can and cannot buy.

I am also interested in knowing under which MCC cex is categorised - and whether there is any chance of you guys enabling it in the future?

Thanks

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10

+1 on sloupus45ā€™s comment/question to @anon33247966

I signed up to Premium primarily for my transactions with this merchant which were then declined soon after.

Thanks.

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11

Iā€™ve responded to this question. Unfortunately, there are a few merchants we do not support.

12

Thank you for the reply, but if this is the final answer and there wonā€™t be access to those merchants, then Revolut is not the right solution for me.

13

This question: ā€œI am also interested in knowing under which MCC cex is categorised - and whether there is any chance of you guys enabling it in the future?ā€

14

Hello Andreas,

A few friends and I who trade on CEX.io are thinking of setting up accounts with revolut; however, we had a few questions in mind:

  1. Do you offer both VISA / Master Card options?
  2. What is the approximate wire transfer time from my Revolut Account to an account in the UAE?
  3. My understanding is that CEX has recently changed their Master and VISA Deposit MCC to 6051. Could you please advise if this is compatible with your cards features?

Looking forward to your valuable feedback.

Best,
Khaled

15

Hey Khaled, most of you questions can be answered in the FAQ on Help Centre | Revolut. International transfers usually take a few days to complete unless you use Turbo transfers. All Virtual cards issued are VISA, both of my physical cards are MasterCard. But they have announced that we soon will be able to chose if we want a VISA or MasterCard card.

Since using Revolut is free i suggest that you try it out and share your experiences with the community. Happy banking :slight_smile:

edit:
MCC 6051:

Non-Financial Institutions ā€“ Foreign Currency, Money Orders (not
wire transfer) and Travelers Cheques

I would think this is still unsupported.

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16

Thanks for your comprehensive response Henrik.

Much appreciated :smiley:

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17

Iā€™ve tried CEX deposit recently, after their switch to the new payment processor (Iā€™m assuming that is when they changed the MCC?). Unfortunately I can confirm it still gets rejected.

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18

Thanks mate. Very unfortunate :frowning:

19

Hi @anon33247966, any new on this?

Since CEX changed its payment processor I can not store my Revolut card in their system. Revolut declines the transaction (unsuported merchant). Funny part, itā€™s less than 1 eurā€¦

Not so funny, that I started my premium plan with Revolut on 1st of February ONLY because of CEX, and I can not use my card anymore (since 9th of February). And I have to pay the premium fee for 12 months.

Could you please look after it?
thanks,
Attila

20

Dear Revolut

Very disappointed to see this is now your position. Iā€™ve successfully used my Revolut cards with CEX since the middle of last year and then suddenly they are no longer supported.

I note the exuberant referral by your agents to your own crypo offering, however, like many customers do not wish to use a service where I do not physically hold the crypto. Blocking access to a service you previously supported does not unfortunately encourage me to use your service, it just means I will cancel my membership as soon as I am able to as you are no longer offering the service I require. This is a real shame, as I for one really liked what you were aiming to provide.

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21

Come on Revolut, this is not on. Thereā€™s nothing illegal or immoral about trading with cex, thereā€™s no reason to prevent your customers from using this or any other perfectly legal site. Just because they are in a similar business area to you is not a valid reason for blocking them. Please re-enable this merchant.

FYI - Monzo work fine with cex.

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