Cryptocurrency debit card service offered by BasedApp ceases operations in Singapore, pulls out regulatory application
BasedApp, a Singapore-based crypto startup, has announced that it will cease its Visa debit card services, effective from November 15. The shutdown follows the discontinuation of investment features in February 2025, including the XSGD earn program, saving vaults, and recurring swaps.
The crypto debit card issued by BasedApp allowed users to spend the XSGD stablecoin at Visa-accepting merchants. The cards were issued through licensed partner Xfers Pte Ltd. BasedApp operated under Singapore's transitional licensing exemption while pursuing full authorization under the Payment Services Act.
Despite the shutdown, BasedApp's non-custodial wallet services will continue operating. Users can maintain control of their private keys while holding, sending, and receiving crypto assets. BasedApp has also withdrawn its application for a payment services license from the Monetary Authority of Singapore.
BasedApp launched in late 2023 and introduced a premium "BasedGold" tier in 2024, featuring gold-finish cards sold through NFT mints priced between 0.39 to 0.52 ETH for 500 users. The company invested heavily in compliance, security, and legal infrastructure over two years to meet regulatory standards.
BasedApp did not provide details about its future plans or the impact on its users in the announcement. However, it is reported that the company may explore partnerships with other providers to offer similar card services through alternative arrangements. Customers have until November 30 to withdraw funds before automatic conversion to USDC.
BasedGold subscribers will receive partial refunds for prepaid subscription fees. The announcement marks another departure from Singapore's regulated crypto market. It is unclear at this time which company made the announcement in early September 2025 that it would discontinue its Visa debit card services and withdraw its application for a payment service license from the Monetary Authority of Singapore. BasedApp is shifting its strategy toward self-custodial wallet software and international expansion.
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