BasedApp, a cryptocurrency startup headquartered in Singapore, has announced its decision to discontinue its Visa debit card program and has also retracted its application for a payment services license from Singapore’s Monetary Authority. This move represents another instance of a crypto firm adjusting its operations within Singapore’s regulatory framework.
BasedApp will be ceasing our Visa Card product in Singapore. As of the date of this statement, BasedApp has ceased accepting new applications for the Visa Card.
After careful consideration, we have decided to refocus our efforts on self-custodial wallet software, and…
— Based (@BasedOneX) September 1, 2025
In a notification released on September 1st, the company informed its user base that all of its Visa debit cards will be deactivated by November 15th. Customers have until November 30th to withdraw their funds. After that date, remaining balances will be automatically converted to USDC. BasedApp attributed this decision to a strategic pivot, focusing on developing self-custodial wallet software and pursuing global expansion initiatives.
BasedApp had been operating under a temporary licensing exemption in Singapore while awaiting full authorization as stipulated by the Payment Services Act. According to the company, it invested significantly in bolstering its compliance, security measures, and legal infrastructure over a two-year period to meet regulatory requirements, before eventually choosing to withdraw its application.
The crypto debit card enabled users to make purchases using the XSGD stablecoin at any merchant accepting Visa. The cards were issued through a partnership with Xfers Pte Ltd, a licensed entity. BasedApp launched its services in late 2023 and introduced a premium “BasedGold” membership tier in 2024. This exclusive tier offered gold-plated cards minted as NFTs, sold to 500 users at prices ranging from 0.39 to 0.52 ETH.
This shutdown follows the earlier discontinuation of investment-related features in February 2025, which included the XSGD earn program, saving vaults, and automated swap functionality. BasedGold subscribers will receive prorated refunds for any unused portion of their prepaid subscription fees.
BasedApp has stated that its non-custodial wallet services will continue to operate. This allows users to retain complete control over their private keys while managing, sending, and receiving their cryptocurrency holdings. The company suggested it may explore partnerships with other service providers in the future to potentially offer similar card services through alternative arrangements.