China’s most popular crypto payment card service is shutting down
China’s most popular crypto card payment service, Infini, has declared to shut down all their card services and focusing more on financial management for the future.
According to a Telegram notice, starting from June 17 all of Infini’s card payment services will be immediately cease to function. This means that their card-based payment products, such as Global Card, Lite Card, and Tech Card, will be suspended for both offline usage and on the Infini digital app.
“We have decided to suspend our card services. Effective immediately, all card functions, will be suspended for both usage and new applications. We sincerely apologize for any inconvenience this may cause,” wrote the platform in a notice.
Although the company does not mention the specific reason behind its card suspension, it reportedly plans to focus more on financial management in the future.
The firm assured customers that all their core service will continue operating as usual. This means that services on the app like top-ups, withdrawal and yield functions remain fully operational despite the suspension of its payment cards.
Users will be able to apply for card refunds in order to regain the funds from their now frozen cards.
The platform will automatically process refunds for card application without users needing to take any manual action. The refund will be processed within 10 business days and the funds will be distributed to the user’s account balance.
“Any ongoing bills will be refunded directly to your Infini account. These refunds are expected to be completed within 5 to 21 business days,” stated platform.
Infini is a crypto-first neobank based in Hong Kong but it has a pretty big user base in China. Despite China’s long-standing ban on cryptocurrency, China mainland users are still able to access Infini services through VPN or other provider. The platform combines stablecoin yield generation with a crypto-backed debit card, offering easy real-world spending and everyday earnings.
Infini has managed to gain more than 10,000 followers on X and reached over $50 million in total value locked across its global user base.
Most recently in late February, Infini suffered a $50 million inseider exploit which involved an in-house engineer that allegedly embezzled funds from the platform for personal gain. Back in March, Infini founder Christian Li offered the hacker 20% of the bounty and legal immunity if they return the stolen funds.
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