Bankoff is a virtual card platform that allows customers to top up their cards with crypto. However, Stripe and Visa have stopped supporting Bankoff’s cards. Russians were able to use their cards abroad, after the services of major processors in that country had been restricted.
Visa and Stripe Support Bankoff Cards
Stripe and Visa have stopped processing cards from Bankoff. The online banking platform advised clients Tuesday, May 3rd. A notice was issued, which you can find a copy in the Notice. postedThe company stated on social media that suspensions were due to an increase in active users and Russian transactions.
“It means our cards are no longer supported for any offline and online payments,” the Bankoff team elaborated. The neobank also revealed that its funds in a U.S. account had been frozen, assuring customers it’s currently working to restore access to the money.
Forklog was confirmed by representatives of Bankoff. According to the crypto news outlet, some users have reported that they are unable withdraw cryptocurrency from their accounts after depositing it.
This news about the termination of services follows in the wake of Visa and Mastercard’s suspension of operations in Russia in March due to sanctions for Russia’s invasion of Ukraine. Since then, Russian-issued cards supported by the world’s leading payment processors cannot be used for purchases outside Russia.
Following the restrictions, Russian residents began ordering Bankoff’s virtual cards which allowed them to make payments abroad. These cards can be loaded with stablecoin (USDT), and then added to electronic wallets like Alipay, Google Pay and Samsung Pay.
Russia is currently facing increasing western sanctions, which have restricted its access to global finance for both the government and its citizens. Respecting the restrictions, the major international payment and remittance service providers, such as Western Union and Paypal, Wise and Transfergo, Zepz and Wirex have suspended their services to the Russian Federation.
Know of any crypto payment services which have been stopped for Russian users. Please leave your comments below.
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