Bankoff, a platform offering virtual cards that can be topped up with cryptocurrency, has told customers that its cards are no longer supported by payment systems Visa and Stripe. They allowed Russians to make payments abroad after major processors in the country restricted their services.
Visa and Stripe halt support for Bankoff cards
Payment processors Visa and Stripe have stopped services for cards issued by Bankoff, the online banking platform informed customers on Tuesday, May 3. in a notice, a copy of which was Posted On social media, the company explained that the suspension was due to an increasing number of active users and transactions from Russia.
“This means that our cards are no longer supported for any offline and online payments,” the Bankoff team elaborated. Neobank also disclosed that its funds in a US account had been frozen, assuring customers that it is currently working to restore access to the money.
Bankoff representatives have confirmed the development of Forklog. The crypto news outlet added in a report that some users who have deposited cryptocurrency into their accounts have complained that they are not even able to withdraw their balances.
News of the terminated services comes in early March, after Visa and Mastercard halted operations in Russia as part of sanctions imposed over their invasion of Ukraine. Since then, cards issued by Russia backed by the world’s leading payment processors cannot be used for purchases outside Russia.
After the sanctions, Russian residents began to order virtual cards from Bankoff, which allowed them to make payments abroad. The card can be topped with the stablecoin Tether (USDT) and added to major electronic wallets such as Apple Pay, Google Pay, Samsung Pay and Alipay.
Russia is facing mounting Western sanctions that limit access to global finance for governments and citizens. Adhering to the restrictive measures, major global payment and remittance providers such as Western Union, Paypal, Wise, Remitly, Transfergo, Zepz, Wirex, and Revolut have already suspended services in the Russian Federation.
Do you know of other crypto payment card services that have been blocked for Russian users? Tell us in the comments section below.
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