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 May 3. In a notice, a copy of which was posted on social media, the company explained that the suspension was due to the increased number of active users and transactions from Russia.
‘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 US account had been frozen, assuring customers it’s currently working to restore access to the money. Representatives of Bankoff 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 have been unable to withdraw their balances as well.
The news of the terminated services comes after in early March 2022, Visa and Mastercard halted operations in Russia as part of sanctions imposed over its invasion of Ukraine. Since then, Russian-issued cards supported by the payment processors cannot be used for purchases outside Russia.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now