BasedApp has announced that it will halt its Visa Card services in Singapore, with operations set to end by 15 November 2025.
The company explained that it is withdrawing its license application under the Payment Services Act to focus on its self-custodial wallet software and expand into overseas markets.
As part of the wind-down, BasedApp will close existing card accounts, stop new applications, and convert any remaining balances into USDC before transferring them to users’ linked wallets.
Visa Card product comes to a close
In a public update, BasedApp confirmed it is discontinuing its Visa Card offering in Singapore. The company said it will no longer take new applications, effective immediately.
All existing Visa Debit Cards will stop working from 15 November 2025. Users are advised to withdraw funds and find other payment methods before that date.
The company explained that the Visa Card involved regulated payment services under Singapore’s Payment Services Act. BasedApp had operated under a transitional exemption while building its compliance systems.
Despite investing heavily in legal and security infrastructure over the last 2 years, the firm has chosen not to move forward with a full license application.
Focus shifts to wallet software and global markets
BasedApp will no longer offer card products and will instead focus on the self-custodial wallet software. This product enables users to control their own private keys while holding, sending, and receiving crypto.
The company said it also plans to expand its services to international markets beyond Singapore.
Management described the move as a way to stay lean and concentrate resources. By withdrawing its application before the Monetary Authority of Singapore, BasedApp is stepping back from card services and narrowing its priorities to core software and growth abroad.
Deadlines for users
Users have until 30 November 2025 to withdraw their remaining funds. BasedApp confirmed that any balance above 1 USD left after this date will be converted to USDC and transferred to the user’s linked self-custodial wallet.
The company has also stopped accepting new crypto deposits and swaps. Current cardholders are urged to review their linked accounts and make alternate payment arrangements within the 90-day window.
Options for subscribers
Subscribers to Based Gold will receive partial refunds for fees already paid. BasedApp said the refunds will be processed either in cash or another form, depending on the company’s arrangements.
Customers will be contacted directly with details on how reimbursements will be handled.
Possible future partnerships
While card services are winding down, BasedApp said it is looking into potential partnerships that may allow similar offerings in the future. If these arrangements go ahead, customers will be updated.
Not all services are affected. The company’s non-custodial wallet remains available. Users can continue to use it to hold, send, and receive digital assets. BasedApp requested that customers keep and have full control of their private keys when using the wallet.
For BasedApp, the discontinuation of Visa Card services in Singapore is a new beginning. There is a pivot away from card services towards software and overseas expansion.
BasedApp users will need to adapt, but the company aims to leverage the control users have over their assets and build stronger services around it.