Bankoff, a platform that offers virtual cards that can be loaded with cryptocurrency, has informed customers that their cards are no longer supported by the Visa and Stripe payment systems. They allowed Russians to pay abroad after major processors curtailed their services in the country.

Visa and Stripe Halt support for bankoff cards

Payment processors Visa and Stripe have suspended their services for Bankoff-issued cards, the online banking platform announced to its customers on Tuesday, May 3 sent Taking to social media, the company explained that the suspension was due to the increased number of active users and transactions from Russia.

“This means that our cards will no longer be supported for offline and online payments,” explained the Bankoff team. The neobank also announced that its funds were frozen in a US account and assured customers that it is currently working to restore access to the funds.

Bankoff crypto cards suspended due to high volume of Russian transactions

Bankoff officials have confirmed the development to Forklog. The crypto news outlet added in a report that some users who have deposited cryptocurrency into their accounts have complained that they were also unable to withdraw their funds.

The news of the suspended services comes after Visa and Mastercard suspended operations in Russia earlier in March under sanctions imposed over the invasion of Ukraine. Since then, cards issued in Russia, which are supported by the world’s leading payment processors, cannot be used for purchases outside of Russia.

After the restrictions, Russian residents began ordering Bankoff’s virtual cards, which allowed them to make payments abroad. The cards could be topped up with the stablecoin Tether (USDT) and added to major electronic wallets such as Apple Pay, Google Pay, Samsung Pay and Alipay.

Russia faces mounting Western sanctions that restrict its government and citizens’ access to global finance. In compliance with the restrictive measures, major global payment and remittance providers such as Western Union, Paypal, Wise, Remitly, Transfergo, Zepz, Wirex and Revolut have already suspended their services in the Russian Federation.

tags in this story

Bankoff, Cards, Crypto, Crypto Cards, Cryptocurrencies, Cryptocurrency, Invasion, Neobank, Online Banking, Payment Services, Payments, Restrictions, Russia, Russian, Sanctions, Stripes, Suspension, Tether, Ukraine, USDT, VISA, War

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

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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