BasedApp has announced it will stop its Visa card services in Singapore this year. The company confirmed that all active Visa debit cards will be deactivated on November 15, 2025. The platform has already stopped accepting new Visa card applications from Singapore users. Starting immediately, customers cannot make new crypto deposits or swaps through BasedApp.
This decision was made after reviewing the firm’s long-term strategy. Users can withdraw their remaining funds til November 30, 2025. Any balance above one US dollar that is not withdrawn will be converted into USDC. Then sent to the user’s self-custodial wallet. BasedApp stated that this process will ensure users maintain control of their assets even after the card service ends.
Strategic Refocus
In its official notice, BasedApp explained that it will now focus on its self-custodial wallet software. The company also plans to expand internationally in markets outside Singapore. To remain flexible and reduce costs, BasedApp has withdrawn its application for a payment services license. That falls under the Payment Services Act 2019 with the Monetary Authority of Singapore. The company said it had invested heavily in compliance and infrastructure over the past two years. But has now chosen to prioritize products that align better with its long-term growth.
Impact on Users
For cardholders, the shutdown means they must switch to other payment options. BasedApp advised users to update linked accounts. Additionally, it makes alternate arrangements for recurring payments before the deadline. The company also noted that it is exploring partnerships that could bring alternative card services to customers in the future. Subscribers of Based Gold will receive partial refunds for any unused subscription fees. The firm said affected users will be contacted with details of reimbursement soon.
What Stays the Same
While the Visa card service ends, BasedApp’s non-custodial wallet remains active. Users can continue to hold, send, and receive cryptos through the wallet. The company emphasized that users will always have full control of their private keys. BasedApp thanked its Singapore users for their support and encouraged anyone with questions to reach out to its customer support team. This move signals a shift in strategy for the Hyperliquid-backed platform. It places greater focus on core blockchain products and global expansion.
