China’s most popular crypto card payment service, Infini has declared that it will close all card services and put more emphasis on future financial management.
According to the telegram, all Infini’s card payment services will no longer work anytime from June 17th. This means that card-based payment products such as Global Cards, Light Cards and Tech Cards will be suspended for both offline use and the Infini digital app.
“We have decided to suspend card services. We will soon suspend all card features and new applications where all card features are used. We apologize for any inconvenience this may be caused,” the platform wrote in the notification.
The company has not mentioned the specific reasons behind the card suspension, but it is reportedly planning to focus more on financial management in the future.
The company has assured customers that all core services will continue to operate as normal. This means that services such as top-up, withdrawal and yield features will continue to work perfectly despite the suspension of payment cards.
Users can apply for a card refund to retrieve funds from the currently frozen card.
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The platform automatically handles card application refunds without the need for users to perform manual actions. The refund will be processed within 10 business days and the funds will be distributed to the user’s account balance.
“All invoices will be refunded directly to your INFINI account. These refunds are expected to be completed within 5-21 business days,” the platform said.
Infini is the second-largest code neobank based in Hong Kong, but China has a rather large user base. Despite the long-standing cryptocurrency ban in China, mainland users still have the ability to access Infini services via VPNs or other providers. The platform combines Stablecoin Heald Generation with crypto-assisted debit cards to provide simple real-world spending and everyday revenue.
Infini has been able to gain over 10,000 followers on X, reaching a total of over $50 million locked across the global user base.
Recently, in late February, Infini suffered a $50 million insider exploit. This included an in-house engineer who allegedly embezzled funds from the platform for personal gain. In March, Infini founder Christian Li provided hackers with a bounty and 20% of legal exemptions if they returned stolen funds.
read more: Infini Labs $50 million robbery “textbook insider attacks,” says security expert
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