Crypto wallet provider BasedApp has announced it will discontinue its Visa Card and associated services in Singapore, signaling a shift in focus toward its self-custodial wallet and international expansion. The move comes after BasedApp withdrew its license application under Singapore’s Payment Services Act, ending its transitional licensing arrangement.
All new Visa Card applications have been halted, and existing cards will be deactivated on November 15, 2025, after which they will no longer be usable for payments. Users are urged to withdraw their funds within 90 days of the notice, with a final deadline of November 30, 2025. Any remaining digital assets valued above US$1 will automatically be converted into USDC and sent to the user’s linked self-custodial wallet.
BasedApp has also paused new crypto deposits and swaps in Singapore. While the company is exploring partnerships with other providers that could offer similar card services, no alternatives have been confirmed yet. Customers will be notified if new options become available.
Subscribers to the Based Gold plan will receive partial refunds for fees already paid, either in cash or another method determined by the company.
Despite the changes, BasedApp’s non-custodial wallet remains fully operational, allowing users to continue holding, sending, and receiving digital assets securely.
This development reflects the increasing regulatory scrutiny in Singapore’s fintech space, while highlighting the growing importance of self-custodial wallets in the crypto ecosystem.
Source:
- Fintechnews Asia: https://fintechnews.sg/117161/crypto/basedapp-singapore-card/