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Bankoff Crypto Cards Suspended Amid High Volume of Russian Transactions

Bankoff Crypto Cards Suspended Amid High Volume of Russian Transactions – Bankoff, a platform that offers virtual cards which can be topped up with cryptocurrency, has informed users that Visa and Stripe no longer support their cards. After major processors banned their services in Russia, they allowed Russians to pay abroad.

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Visa and Stripe, payment processors, have ceased services for Bankoff cards, the online banking platform announced on Tuesday, May 3. The company stated that the suspension was due to an increase in the number of active users and transactions from Russia in a statement that was shared on social media.

Also Read: Wikipedia Stops Accepting Cryptocurrency Donations Citing Community’s Environmental Concerns

The Bankoff team explained, “It implies our cards are no longer accepted for any offline or online payments.” The neobank also acknowledged that funds in a U.S. account had been stopped, but assured customers that it was attempting to restore access to the funds.

Bankoff representatives verified the development of Forklog. Some users who deposited cryptocurrency into their accounts have also complained about being unable to withdraw their balances, according to the crypto news outlet.

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The news of the services’ termination came after Visa and Mastercard suspended operations in Russia in early March as part of sanctions imposed in response to Russia’s invasion of Ukraine. Since then, Russian-issued cards that are supported by the world’s main payment processors have been prohibited from being used for purchases outside of Russia.

As a result of the restrictions, Russians began ordering Bankoff’s virtual cards, which allowed them to make international payments. The cards may be loaded with the stablecoin tether (USDT) and integrated into popular electronic wallets including Google Pay, Apple Pay, Alipay, and Samsung Pay.

Also Read: India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister

Russia has been subjected to increasing Western sanctions, limiting its government and citizens’ access to global banking. Major worldwide payment and remittance companies such as PayPal, Western Union, Wise, Transfergo, Remitly, Wirex, Zepz, and Revolut have already ceased services in the Russian Federation as a result of the constrained restrictions.

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