Bankoff has warned customers that its crypto cards are no longer supported by Visa and Stripe payment systems, due to an increase in active users and transactions from Russia.
The increase in Russian transactions and the suspension of Bankoff Crypto Cards
Bankoff Crypto Cards have so far allowed their Russian users to pay anywhere, both online and offline, thanks to their support of the Visa and Stripe payment systems.
A few days ago, Bankoff warned its users that Visa and Stripe themselves have blocked their service, suspending all cards that can also be recharged with crypto.
Here’s the report on Twitter:
#crypto #russia #payments #sanctions #crypto #cryptonews #btc#Bankoff stopped working… due to an influx of users from Russia.
Through the service, it was possible to issue a virtual #Visa card, top up in USDT and then freely make purchases and pay for services abroad. pic.twitter.com/1Wwr3E55s9
— FollowBack_Crypto_NFT_news (@Crypto_NFT_news) May 3, 2022
“Bankoff stopped working… due to an influx of users from Russia. Through the service, it was possible to issue a virtual Visa card, top up in USDT and then freely make purchases and pay for services abroad.”
In its letter to its customers, Bankoff explains that the reason for the suspension of services from Visa and Stripe is the high volume of active users and transactions from Russia.
Bankoff’s Crypto Cards are no longer supported for both online and offline payments. Not only that, Bankoff adds that they are unable to access their funds as their US account has been frozen.
Main payment systems suspended
It was at the beginning of March when both Visa and Mastercard announced that they had decided to suspend all their active services in Russia, in response to the attack by Moscow troops on Ukraine.
This followed PayPal’s decision to suspend the functionality of its digital payments app in Russia and anticipated American Express’ decision to add not only Russia but also Belarus to the suspension.
It was precisely because of these restrictions that Russians reportedly began ordering and using Bankoff crypto cards that allowed them to make payments abroad. The cards could be topped up with the Tether stablecoin (USDT) and added to major e-wallets such as Apple Pay, Google Pay, Samsung Pay and Alipay. Something that as of now seems to be no longer supported.
Source: https://en.cryptonomist.ch/2022/05/05/russia-bankoff-crypto-cards-suspended/