It won't take long to tell, as the service terminations by Visa and Mastercard appear immediate and Backpage's fiat revenue has likely stopped as of now. Maybe Backpage will even become a 100% crypto holdings business, since it's likely that Bitpay and Coinbase won't deposit to their bank, either — if Backpage can even keep a bank account.
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The personal ad site Backpage has just had its payment processing terminated by both Visa and Mastercard, following termination by American Express last year.
This week, a few phone calls from Chicago-area bureaucrats were enough to get Backpage officially sanctioned by nearly the entire banking establishment.
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Rainey Reitman, activism director at the Electronic Frontier Foundation, wrote: "We shouldn't have informal pressure from public officials forcing financial service companies into deciding which types of speech should and shouldn't be allowed.
Master Card and Visa are not supposed to be the arbiters of free speech on the Internet." But cryptocurrency is.
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