Newegg Canada abandons Bitcoin payments, BitPay says it’s helpless

Last week, Newegg.ca appeared to have abandoned bitcoin payments after bitcoin payment processor BitPay stopped settling Canadian dollars.

A Reddit user cited a Newegg representative saying the mainstream retailer will no longer offer Bitcoin as a payment option for its newegg.ca platform customers.

The reporter contacted a representative of the company, who confirmed that Newegg.ca will no longer accept Bitcoin, but he did not provide more information.

As of now, Newegg’s main site, Newegg.com, does not appear to have such a policy in place, suggesting the problem lies with Newegg’s payment processor, BitPay.

Last month, BitPay announced that it would no longer support Canadian dollar settlements, which means that Canadian businesses that previously accepted Bitcoin payments will now only be able to choose Bitcoin and the US dollar as payment methods.

“You will still be able to choose to accept bitcoin payments through our platform, but settlement methods are currently only available in BTC (bitcoin) or USD,” the company said, adding that the new rules will take effect from May 31.

Last May, BitPay introduced a $1,000 minimum withdrawal rule after the company lost its Canadian banking partner.

Recently, BitPay also added further changes to its gateway in response to rising mining fees.