1inch Discontinues Card Service, Users Urged to Withdraw Balances by December 18, 2026
1inch, a decentralized exchange aggregator, has announced the closure of its prepaid Mastercard service, the 1inch Card. The company has halted new sign-ups and is advising existing users in the European Economic Area and the United Kingdom to either spend or withdraw their remaining balances by December 18, 2026. Current cardholders can continue to use their cards until the service provider determines the final cutoff date, which is not controlled by 1inch itself.
The 1inch Card, launched in April 2024, aimed to extend the company's reach from on-chain trading into real-world payments. It allowed users to load funds from various cryptocurrencies, including 1INCH tokens, USDT, and BTC, which could then be used for everyday purchases and ATM withdrawals. However, the funds on the card are managed by Monavate, a licensed electronic money institution, rather than 1inch directly. This arrangement means that users must act before the deadline to avoid losing access to their funds, although they can redeem any leftover amounts for up to six years after account closure.
The decision to wind down the card service reflects a strategic shift for 1inch, moving away from consumer payment solutions while maintaining its core business as a DEX aggregator. This development highlights the complexities of crypto card services, where partnerships with regulated institutions play a crucial role in managing user funds and compliance.
© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: KLEA News