Bankoff Crypto Cards Suspended Amid High Volume of Russian Transactions – Finance Bitcoin News

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Bankoff Crypto Cards Suspended Amid High Volume of Russian Transactions
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Bankoff, a platform that offers virtual cards that can be topped up with cryptocurrencies, tells customers that their 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 Bankoff cards

Payment processors Visa and Stripe have stopped servicing cards issued by Bankoff, the online banking platform notified customers on Tuesday, May 3. In a notice, the company posted a notice on social media explaining that the suspension was due to an increase in active users and transactions from Russia.

“This means that our card no longer supports any offline and online payments,” the Bankoff team details. Neobank also revealed that funds in its U.S. accounts had been frozen, assuring customers that it was currently working to restore access to funds.

Bankoff Crypto Card Suspended Due to High Transaction Volume in Russia

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A representative of Bankoff has confirmed the development to Forklog. The crypto news outlet added in a report that some users who deposited cryptocurrencies into their accounts complained that they were also unable to withdraw their balances.

News of the termination of service came in early March, when Visa and Mastercard ceased operations in Russia as part of sanctions imposed over the invasion of Ukraine. Since then, Russian-issued cards supported by the world’s leading payment processors cannot be used to make purchases outside of Russia.

After being restricted, Russian residents started ordering Bankoff’s virtual cards so they could make payments abroad. The cards can be topped up with stablecoin tether (USDT) and added to major e-wallets such as Apple Pay, Google Pay, Samsung Pay, and Alipay.

Russia has been facing mounting Western sanctions that limit access to global finance for its government and citizens. To comply with restrictions, major global payment and money transfer providers including Western Union, Paypal, Wise, Remitly, Transfergo, Zepz, Wirex and Revolut have suspended their services in the Russian Federation.

tags in this story

Bankoff, Card, Crypto, Crypto Card, Cryptocurrency, Cryptocurrency, Intrusion, Neobank, Internet Banking, Payment Services, Payment, Restriction, Russia, Russia, Sanctions, Stripe, Suspended, Tether, Ukraine, USDT, VISA, War

Do you know of other crypto payment card services that have been discontinued for Russian users? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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