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Visa and Stripe Halt Support for Bankoff Cards
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.
The Bankoff staff explained, "It implies our cards are no longer supported for any offline or online payments." 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.
Representatives from Bankoff confirmed the news to Forklog. According to the crypto news portal, other customers who deposited cryptocurrency into their accounts have also complained about being unable to withdraw their holdings.
After Visa and Mastercard suspended operations in Russia in early March as part of sanctions issued in reaction to Russia's invasion of Ukraine, the services were terminated. Since then, Russian-issued cards that are accepted by the world's major payment processors have been barred from being used outside of Russia.
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