BasedApp Exits Singapore’s Regulated Crypto Market, Shutting Cards and Investment Features for Global Expansion

BasedApp Ends Visa Card Service In Singapore Amid Strategic Shift

Singapore-based crypto platform BasedApp will discontinue its Visa debit card services, deactivating all active cards on 15 November 2025.

Users have until 30 November to withdraw remaining funds, after which balances above US$1 will automatically convert into USDC and transfer to their self-custodial wallets.

The company has also withdrawn its application for a payment services licence from the Monetary Authority of Singapore (MAS), signalling a major change in its operational focus.

Why Is BasedApp Changing Direction

The company said the move reflects a long-term strategy prioritising self-custodial wallet software and international expansion.

In an official notice, BasedApp explained,

“Over the past two years, we have invested heavily in compliance, security, and legal infrastructure to provide our services in accordance with the applicable regulatory standards.”

However, the firm made a decision “after careful consideration”.

“We have decided to refocus our efforts on self-custodial wallet software, and international expansion outside of Singapore.”

Impact On Cardholders And Existing Services

BasedApp’s Visa debit card, launched in late 2023 through licensed partner Xfers Pte Ltd, allowed users to spend XSGD stablecoin at merchants accepting Visa.

The platform had also introduced a premium “BasedGold” tier in 2024, featuring gold-finish cards sold via NFT mints priced between 0.39 and 0.52 ETH for 500 users.

With the card service ending, subscribers will receive partial refunds for unused subscription fees.

The company advised customers to update linked accounts and make alternative arrangements for recurring payments before the deadlines.

Non-Custodial Wallets Will Continue

While card services cease, BasedApp confirmed that its non-custodial wallet will remain fully operational.

Users can continue to hold, send, and receive crypto assets while retaining complete control over their private keys.

The company also hinted at potential partnerships to provide alternative card services in the future.

From Investment Features To Core Blockchain Focus

Earlier in February 2025, BasedApp had already discontinued investment features, including the XSGD earn programme, saving vaults, and recurring swaps.

With these changes, the firm is narrowing its focus on core blockchain offerings and expanding its presence outside Singapore, shifting away from previously broader financial services.

This restructuring highlights the challenges crypto firms face in balancing regulatory compliance with strategic ambitions, while continuing to provide users with flexible ways to manage digital assets.