BasedApp Visa Card Services Discontinued in Singapore

1 September 2025

We will be ceasing our Visa Card product in Singapore and all ancillary services related to the Visa Card. Effective immediately, we have ceased accepting new applications for the Visa Card from Singapore users.

The provision of the Visa Card product involves regulated payment services under the Payment Services Act, and we have been able to serve Singapore users pursuant to a transitional licensing exemption under the Payment Services Act 2019 (“PS Act”). Over the past two years, we have invested heavily in compliance, security, and legal infrastructure to provide our services in accordance with the applicable regulatory standards.

After careful consideration, we have decided to refocus our efforts on self-custodial wallet software, and international expansion outside of Singapore. To stay lean and focused, we have withdrawn our application for a licence under the Payment Services Act 2019 before the Monetary Authority of Singapore. Consequently, we will be winding down all services relating to the Visa Card product as described below.

Ceasing Visa Card Services in Singapore

  • All Visa Debit Cards will be closed by 15 November 2025. From this date, you will no longer be able to use your BasedApp Visa Card for payments.
  • You will have 90 days from the date of this notice to withdraw your funds and make alternative payment arrangements for any platforms where you have linked your BasedApp Visa Card. Please withdraw all your funds by 30 November 2025.
  • Effective immediately, no new crypto deposits or swaps can be made via BasedApp.
  • Any digital assets not withdrawn by 30 November 2025 over 1 USD (or its equivalent) will be automatically converted into USDC and transferred to the self-custodial wallet linked to your account.

The Company is exploring partnerships with other service providers that may allow substantially equivalent card services to be offered to customers. You will be notified of any such alternative arrangements where available.

For Based Gold subscribers: The Company will offer a part refund of any subscription fees already paid (in cash or such other form as determined by the Company). You will be notified separately of the arrangements for the reimbursement in due course.

What Remains Unchanged

Based's non-custodial wallet remains available, and you can continue to use it to hold, send, and receive your crypto assets, always retaining full control of your private keys.

We thank you sincerely for being part of the BasedApp Visa Card journey. If you have any questions or require assistance, please reach out to us at support@basedapp.io.

Sincerely, The BasedApp Team