BasedApp Shuts Down Crypto Debit Card in Singapore, Withdraws Regulatory Application

2025/09/01 15:00

BasedApp Shuts Down Crypto Debit Card in Singapore, Withdraws Regulatory Application

Singapore-based crypto startup BasedApp announced Monday it will cease its Visa debit card services and withdraw its application for a payment services license from the Monetary Authority of Singapore, marking another departure from the city-state's regulated crypto market.

The company notified users on 1 September that all Visa debit cards will be deactivated by November 15, with customers given until November 30 to withdraw funds before automatic conversion to USDC. BasedApp cited a strategic shift toward self-custodial wallet software and international expansion as reasons for the exit.

BasedApp had operated under Singapore's transitional licensing exemption while pursuing full authorization under the Payment Services Act. The company said it invested heavily in compliance, security, and legal infrastructure over two years to meet regulatory standards before deciding to withdraw its application.

The crypto debit card allowed users to spend XSGD stablecoin at Visa-accepting merchants, with cards issued through licensed partner Xfers Pte Ltd. BasedApp launched in late 2023 and introduced a premium "BasedGold" tier in 2024, featuring gold-finish cards sold through NFT mints priced between 0.39 to 0.52 ETH for 500 users.

The shutdown follows the discontinuation of investment features in February 2025, including the XSGD earn program, saving vaults, and recurring swaps. BasedGold subscribers will receive partial refunds for prepaid subscription fees.

BasedApp said its non-custodial wallet services will continue operating, allowing users to maintain control of private keys while holding, sending, and receiving crypto assets. The company indicated it may explore partnerships with other providers to offer similar card services through alternative arrangements.

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