Last week we sent out a few emails to all our users. If you’ve ever ordered a TenX card, you would have received one of these emails. Depending on your country of residence, and when and how you placed an order for the TenX card, the content of the email varied. A couple of these emails sounded quite serious, which isn’t really our usual tone, so it may have caused undue alarm to some. If we caused anyone any extra stress, we apologise! It was never our intention to scare you!
In the interest of clear communication and transparency, we’d like to take some time to clear the air and summarise the content of all these emails so everybody’s on the same page about what’s in store for TenX in the next couple of months. Ready? Deep breath. Here we go.
So what exactly happened?
If you don’t already know, TenX does not (yet) have a banking license. (Incidentally, we’ve already begun work on acquiring one, but that’s a story for another time…) One of the implications of our current lack of a license is that every active TenX card currently in circulation is issued by a card partner who is actually licensed to issue cards, namely, Wave Crest Holdings Limited. In late-August 2017, WaveCrest informed us that they would no longer issue and maintain Visa® Prepaid Cards to cardholders outside of the European territory. (For a complete list of countries in the European territory, click here.)
Yes, I read that in your email, but what does this mean for TenX users?
Well, that depends on which users you’re referring to.
What happens to Cardholders in Europe?
Nothing, really. WaveCrest’s new policy does not change anything for cardholders in the European territory.
- Europeans can continue to use their WaveCrest-issued TenX cards after 16 October 2017.
- Europeans can also activate new TenX cards as per normal.
Keep calm and carry on using your TenX card.
What happens to Cardholders outside Europe?
Cardholders outside Europe may encounter some disruption to their TenX card usage.
- Cardholders outside the European territory with active TenX cards will not be able to use their cards from 16 October 2017 onwards.
- Cardholders outside the European territory who, for whatever reason, haven’t yet activated their cards, will not be able to do so. Their WaveCrest-issued TenX cards are now just cool souvenirs.
- However, if these users happen to have a residential address within the European territory, they can email us with KYC documents to prove their European residency, thereby avoiding any of the aforementioned disruption.
OMG, are you abandoning us non-Europeans??
What? NO!! We would never do that! Why would you even think that??
Well, this dude on Slack/Reddit/Youtube said —
Look, we love all our users regardless of where they live. We don’t want to lose you, so we have a plan.
You may have missed it, but we announced some time ago that we are onboarding alternative card issuers who can issue cards outside of Europe. It will take us some time to integrate our systems with theirs, and to print new cards issued by these alternative issuers. We’re currently targeting a November 2017 launch for these new cards, so look out for more information regarding this in the coming weeks.
If you are a cardholder outside of Europe affected by the WaveCrest change, you can look forward to receiving these new TenX cards free of charge. There will likely be a period of time where you may have to get by without the use of a TenX card, but rest assured that we are doing everything we can to minimise this TenX-less period.
I’m on your waitlist. What happens to my TenX card pre-order?
We have been sending out cards to users on our waitlist, and we have a bunch more queued up and ready to go. Unfortunately these cards are all of the WaveCrest-issued variety, and thus can only be issued to users in the European territory.
- European Territory users on our waitlist will be prioritised, simply because the cards we have in stock can only be issued to them. Barring mail getting lost, European Territory users who pre-ordered a card prior to 8 August 2017 can still expect to receive their card around the end of September 2017.
- Non European Territory users on our waitlist will need to wait until the new cards are printed and the systems supporting them are in place. We are hoping to begin fulfilment of these new TenX cards in November 2017.
Are you offering refunds?
Of course, we understand that our proposed solutions may not suit some users. As such, we will honour refund requests sent to [email protected] by the following groups of users:
- If you’re on the waitlist and you refuse to wait any longer, you can request a refund. We will release your place in the queue.
- If you have an active TenX card that will become inactive from 16 October 2017, you can request a refund and forgo the complimentary replacement TenX card due in November 2017.
- If you have a TenX card that are unable to activate because you reside outside the European Territory, you can request a refund and forgo the complimentary replacement TenX card due in November 2017.
All refunds will be in the form of US$15 worth of BTC (priced at the time the refund is processed) credited to users’ TenX wallets.