Key Takeaways
- Crypto card provider Infini is shutting down all card services globally.
- Mainland Chinese users accessed Infini using VPNs despite the country’s crypto ban.
- Infini cited regulatory pressure and declining profitability as key reasons for closure.
Hong Kong-based crypto neobank Infini is pulling the plug on its crypto debit cards, marking the end of one of the few stablecoin spending options used by Chinese residents.
The company, which allowed users to spend USDT and USDC via Visa and Mastercard networks, announced on June 17 that all card services would be suspended immediately.
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Infini Pulls the Plug
In its official statement, Infini confirmed that its Global Card, Lite Card, and Tech Card will no longer be available for either use or new applications.
“We have decided to suspend our card services… We sincerely apologize for any inconvenience this may cause,” the company said.
Users who paid for a card but never activated it will receive refunds to their Infini account balances within ten business days.
Processing times may vary by bank and could take up to 21 days to reflect.
Infini clarified that non-card services—like its crypto Earn products and decentralized payments—will remain operational as the firm shifts focus to Web3 financial solutions.
High Compliance Costs
Infini blamed the suspension on tightening regulations, high compliance costs, and diminishing margins.
These challenges were especially severe due to China’s sweeping crypto ban.
Although based in Hong Kong, Infini had gained a large following among mainland Chinese users, many of whom accessed the service via VPNs.
The company’s decision now signals a wider crackdown on Chinese citizens using offshore crypto platforms.
China imposed a nationwide ban on crypto transactions and foreign platform access in 2021.
While VPNs have kept some services within reach, enforcement has steadily grown more aggressive, leaving fewer options for retail crypto users in the region.
Infini’s shutdown adds to the growing list of services either blocked or voluntarily exiting the mainland market under regulatory pressure.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
