Litecoin Foundation has recently announced that it will stop issuing Litecoin Visa cards in the US. The network released an official tweet to inform users about the restrictions. According to the tweet, Unbanked HQ is trying to transition away from MC Bank NY, their banking partner. The Metropolitan Commercial Bank has decided to restrict its support for businesses involved with digital currencies.
Additionally, Litecoin attached a recent notification that Unbanked sent to users.The notification stated that MCB is exiting its crypto and digital currency-related services. Thus, the BlockCard Visa Prepaid Card will stop working from May 1, 2023.
PAL Card Minnesota or Unbanked have not made a decision.Also, the announcement does not concern Unbanked’s prepaid Mastercard, which is available for UK and EU customers. Thus, the discontinuation is only related to the business decision taken by MCB. The bank made its intentions public on January 9, 2023.
Unbanked announced that the company is already in talks with other banks to offer the same benefits. Users will be notified after more news is available regarding the same. The tweet also shared some important dates and notices with users:
- Users should cancel their recurring payments and/or deposits.
- The BlockCard Visa will work until May 1st, 20232 (11:59 PM PST).
- Users can withdraw the remaining funds in the card balance via standard functions.
- Services like checking accounts will remain functional.
- Users can still access the prepaid Mastercard normally.
Despite the adverse announcement, Litecoin has not dipped much in market value. LTC is currently trading at 101.53 dollars, with its lowest 24-hour price being placed at 100.47 dollars.