The Litecoin Foundation has recently announced via Twitter that the US Litecoin VISA cardholders will soon be unable to use their bank cards for payments.
The reason behind this decision is due to the termination of partner support, and the banking partner of MCBankNY has decided to stop supporting all transactions in cryptocurrencies.
This announcement comes into effect on April 30, 2023, and starting from May 1, transactions with these cards will no longer be possible.
The Litecoin Foundation has also highlighted that this time limit will only affect the card program deployed in the United States, and EU or UK VISA Litecoin card programs will not be impacted.
It is worth noting that the EU and the UK cards issued are fully supported, including withdrawals.
This move comes amidst the continued banking crisis in the US and the regulatory response to the situation in the country, prompting US payment giants VISA and Mastercard to temporarily halt plans to enter into new partnerships with crypto companies.
They have also postponed the launch of some cryptocurrency-related products and services until the regulatory environment and market conditions improve.
If you are enrolled in a US Litecoin Visa card, please be aware that you will no longer be able to use it as of May 1st, 2023.
The Litecoin Foundation is currently searching for alternative banking partners and will update cardholders as soon as more information is available.