Bankoff, a platform offering virtual cards that could be topped up with cryptocurrency, has told customers its cards are no longer supported by payment systems Visa and Stripe. They allowed Russians to pay abroad after major processors restricted their services in the country.Payment processors Visa and Stripe have halted services for cards issued by Bankoff, the online banking platform informed clients on Tuesday, May 3.
“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.have confirmed the development to Forklog. The crypto news outlet added in a report that some users who deposited cryptocurrency to their accounts have complained they were been unable to withdraw their balances as well.
Following 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 and added to major electronic wallets such as Apple Pay, Google Pay, Samsung Pay, and Alipay. Russia has been facing mounting western sanctions that have limited access to global finances for its government and citizens. Abiding by the restrictive measures, major global payment and remittance providers such as
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