BasedApp, a cryptocurrency startup based in Singapore, announced it's ending its Visa debit card services and withdrawing its application for a payment services license in the city-state. The company is citing a strategic shift toward focusing on its self-custodial wallet software and international growth.
Starting November 15, all of the company's Visa debit cards will be deactivated. Customers have until November 30 to withdraw their funds before they are automatically converted to the stablecoin USDC.
BasedApp had been operating under a licensing exemption while applying for a full license under Singapore's Payment Services Act. The company said that after two years of significant investment in meeting regulatory standards, it has decided to exit the regulated market.
The company's debit card, which launched in late 2023, allowed users to spend the stablecoin XSGD at merchants that accept Visa. BasedApp also offered a premium "BasedGold" tier with a gold-finish card. This news follows the company's decision in February 2025 to stop its investment features, including its XSGD earn program. BasedGold subscribers will get partial refunds for their prepaid subscriptions.
While the card service is ending, BasedApp's non-custodial wallet services will continue to operate, allowing users to keep control of their private keys and manage their crypto assets. The company mentioned it may look into partnering with other providers to offer similar card services in the future.
September 2025, Cryptoniteuae