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The Litecoin Foundation has notified US Litecoin VISA cardholders that due to the termination of partner support, they will no longer be able to use bank cards in payments.
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According to the official Litecoin announcementFoundation on Twitter, US VISA Litecoin card service and support will end on April 30, 2023. Starting from May 1, transactions with these cards will become impossible due to the decision of the banking partner of MCBankNY to stop supporting all transactions in cryptocurrencies.
Please be aware if you're enrolled in a USLitecoin Visa card you will no longer be able to use it as of May 1st, 2023. Our partner @UnbankedHQ is transitioning away from banking partner @MCBankNY, who have decided to stop supporting businesses that touch digital currencies. pic.twitter.com/LlL8xSYsqI
— Litecoin Foundation (@LTCFoundation) April 19, 2023
The Litecoin Foundation clarified that this is temporarythe restriction, which will be in effect for the period of searching for alternative banking partners, will only affect the card program deployed in the United States. EU or UK VISA Litecoin card programs will not be affected. Cards issued in the EU and the UK are fully supported, including withdrawals.
The continuation of the banking crisis in the United States and a toughThe regulatory response to the situation in the country has prompted U.S. payment giants VISA and Mastercard to temporarily abandon plans to enter into new partnerships with crypto companies, as well as to postpone the launch of some cryptocurrency-related products and services until market conditions and regulatory conditions improve. -legal environment.