Visa and Stripe, payment processors, have ceased services for Bankoff cards, the online banking platform announced on Tuesday, May 3. The company explained that the suspension was due to an increase in the number of active users and transactions from Russia in a message that was shared on social media.
“This means that our cards will no longer be accepted for any offline or online transactions,” says the company.
As a result, the Bankoff team expands.
The neobank also acknowledged that monies in a U.S. account had been stopped, but assured customers that it was attempting to restore access to the assets.
Bankoff representatives verified the development to Forklog. Some customers who placed cryptocurrency into their accounts have also complained about being unable to withdraw their holdings, according to the crypto news portal.
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 Apple Pay, Google Pay, Samsung Pay, and Alipay.
Russia has been subjected to increasing Western sanctions, limiting its government’s and population’ access to global banking. Major worldwide payment and remittance companies such as Western Union, Paypal, Wise, Remitly, Transfergo, Zepz, Wirex, and Revolut have already ceased services in the Russian Federation as a result of the restrictive restrictions.
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