Bankoff, a platform that offers virtual cards that can be reloaded with cryptocurrency, informed customers that its cards are no longer supported by Visa and Stripe payment systems. They allowed Russians to pay abroad after major processors restricted their services in the country.
Visa and Stripe stop supporting Bancoff cards
Visa and Stripe payment processors have suspended support for Bancoff-issued cards, the online banking platform told customers 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 increase in active users and transactions from Russia.
“This means that our cards are no longer supported for any offline or online payments,” the Bankoff team clarified. Neobank also said that its funds in its U.S. account had been frozen, assuring customers that it is currently working to restore access to the money.
Representatives of Bankoff confirmed the development to Forklog. The cryptocurrency news outlet added in its report that some users who funded their cryptocurrency accounts complained that they could not withdraw their balances.
The news of the discontinuation came after Visa and Mastercard suspended transactions in Russia in early March as part of sanctions imposed in the wake of its invasion of Ukraine. Since then, Russian cards supported by the world’s leading payment processors cannot be used for purchases outside of Russia.
After the restrictions were imposed, Russian residents began ordering “Bancoff” virtual cards, which allowed them to make payments abroad. The cards could be reloaded with tether stabelcoin (USDT) and added to major e-wallets such as Apple Pay, Google Pay, Samsung Pay, and Alipay.
Russia has faced growing Western sanctions that have limited access to global finance for its government and citizens. Under the restrictive measures, the world’s largest payment and money transfer providers, such as Western Union, Paypal, Wise, Remitly, Transfergo, Zepz, Wirex, and Revolut, have already suspended services in the Russian Federation.
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