US Litecoin Visa Cards Will Stop Working May 1, 2023

Key Points:

• According to the official announcement, users will not be able to use US Litecoin Visa cards from May 1, 2023.
• Because the Unbanked partner is transitioning from the Metropolitan Commercial Bank banking partner, they decide to stop supporting cryptocurrencies.
• Only Unbanked’s US card program will be affected, EU or UK cards will not be affected, and withdrawals will not be affected.

According to the official Twitter, the Litecoin Foundation has announced that users will not be able to use the US Litecoin Visa card from May 1, 2023, due to the new banking partner’s decision to stop supporting the cryptocurrency.

“Please be aware, if you’re enrolled in a US Litecoin Visa card you will no longer be able to use it as of May 1, 2023. Our partner @UnbankedHQ is transitioning away from banking partner
@MCBankNY, who has decided to stop supporting businesses that touch digital currencies.”

Due to Visa Litecoin main partner UnbankedHQ transitioning out of partnership with MCBankNY and those who have decided to stop supporting crypto-related businesses.

Additionally, only Unbanked’s US card program will be affected, EU or UK cards will not be affected, and withdrawals will not be affected. During this time, Unbanked will be looking for alternative banking partners in the United States.

Recently, US payments giants Visa and Mastercard are shedding plans to form new partnerships with crypto firms after a series of famous crashes shook confidence in the cryptocurrency market branch.

The crypto industry has seen an incredible reversal of fortunes in 2022 as the bankruptcy of significant industry players FTX and BlockFi worries investors and intensifies regulatory scrutiny of the cryptocurrency industry in this field.

Both Visa and Mastercard have decided to push back the launch of certain crypto-related products and services until market conditions and the regulatory environment improve.

In addition, the ongoing banking crisis in the US has also prompted some regulators to urge banks to be cautious about partnerships with cryptocurrency companies.

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