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Bankoff’s Crypto Wallets Nearly Empty After Virtual Debit Card Provider Folds

Bankoff’s Crypto Wallets Nearly Empty After Virtual Debit Card Provider Folds Bankoff, a Delaware-registered company with operations in Azerbaijan, had been a way around harsh Western sanctions for ordinary Russians. No more. The company provided virtual debit cards that could be topped up with USDT, a U.S. dollar-pegged stablecoin. (A virtual card is like a regular debit card, except it’s an app rather than a piece of plastic.) That allowed Russian citizens, cut off from the global financial system after Visa and Mastercard blackballed Russia, to keep buying things when traveling abroad. On Tuesday, Bankoff clients received emails saying that the service had ceased operations, blaming Visa and the Silicon Valley payments unicorn Stripe. “Today we’ve received a letter from Visa and Stripe that Bankoff Card services have been suspended due to the high volume of active users and transactions from Russia. It means our cards are no longer supported for any offline and online payments,” the message said, adding that the company is “trying to access funds that have been frozen in our USA account.” “​​Unbanked once again. What a life!” tweeted the pseudonymous crypto influencer Banteg on May 3, adding: “F**k Visa.” Source:Coindesk