Visa and Mastercard, two of the leading payments giants in the US, have pulled their plans to form new partnerships with cryptocurrency firms. The move comes after a series of volatile crashes in the crypto market caused a rippling effect of instability in the market, causing investors to lose confidence in digital currencies. Regulators have also stepped up their scrutiny of the industry, further intensifying the effects of the crisis.
Major crypto entities like FTX and BlockFi have also declared bankruptcy, adding more fuel to the fire. In light of these events, both Visa and Mastercard have decided to delay the launch of certain crypto-related products and services until the market regains its stability and the regulatory landscape becomes a more favorable environment for crypto firms.
The banking crisis in the US has also made some regulators warn banks against partnerships with companies involved in the cryptocurrency industry. Following these warnings, the independent banking partner of UnbankedHQ, the company that provides the US Litecoin Visa cards, MCBankNY, has decided to stop offering its services to businesses touching digital currencies. As a result, UnbankedHQ has announced there will be a discontinuation of their Visa Litecoin cards starting on May 1st, 2023. It is important to note, however, that this decision only affects UnbankedHQ’s US cards; EU and UK cards will remain unaffected and withdrawals will still be available. UnbankedHQ is currently searching for alternative banking partners in the US.
In conclusion, the events in the cryptocurrency market seem to be shaking investor confidence and making the regulatory landscape more unstable. This, in turn, has caused the payments giants Visa and Mastercard to delay the launch of their crypto-related products until the market improves and a better regulatory climate is established. Furthermore, UnbankedHQ’s US Litecoin Visa cards will no longer be available starting on May 1st, 2023, as their independent banking partner MCBankNY has terminated their support for businesses touching digital currencies. EU and UK cards, however, are still unaffected. UnbankedHQ is currently looking for a new banking partner in the US.
Leo Price
- 2023-04-19
UnbankedHQ US Litecoin Visa Cards Discontinued Due to Recent Unstable Crypto Market
Visa and Mastercard are postponing their plans to form new partnerships with cryptocurrency firms in light of recent volatility in the crypto market. UnbankedHQ is announcing the discontinuation of their US Litecoin Visa cards starting on May 1st, 2023.
