The Sunset of OneKey Crypto Card

I learned about OneKey, a cryptocurrency cash-out card, a couple of years ago, but I only registered to use it at the end of last year. At that time, I paid $99 to upgrade directly to the top-tier Black Card. Over the past year, I’ve used the card sporadically, mainly for paying for VPS hosting fees, CloudFlare, and ChatGPT Pro.

This card has a U.S. address and includes both Visa and Mastercard numbers. However, because the address is U.S.-based, there can be issues when using it. For instance, my ChatGPT Pro account is registered in the UK, and although I used this card for a few months without issues, one day my account was suddenly suspended with the message: “Your payment history looks suspicious.”

As far as I recall, this cryptocurrency cash-out card comes with transaction fees, but it doesn’t offer any cashback benefits. Additionally, for non-USD purchases, there’s an extra fee, so I rarely use this card for cashing out.

A couple of months ago, OneKey announced its closure:

Notice of Sunsetting OneKey Card Service Dear Users, to enhance service quality and optimize our product offerings, we are sunsetting the OneKey Card services according to the following schedule:
As of September 30, 2024, we will discontinue new registrations and recharge functions.
On October 31, 2024, all remaining balances will be securely transferred to your wallet and will remain available for withdrawal at any time.
By January 31, 2025, the OneKey Card service will be fully decommissioned.
Users who have upgraded with a recharge will be refunded according to the rules to your OneKey Card wallet. For specific rules, please refer to the email and the official Twitter announcements. We appreciate your understanding and support.

The founder of OneKey is from China, and here’s his tweet:

Sorry, the Card didn’t meet everyone’s expectations.
There are many challenges here—operating as a small team with low costs, offering low fees, maintaining card segment stability, combating fraud and illicit activities, and ensuring compliance… Balancing these factors is extremely difficult.

We still believe the trend of crypto payments is unstoppable and that regulations and policies will improve and evolve with time. Thank you for your understanding. 🫶

When I tried to withdraw funds, I initially converted my account balance from USD to USDT, only to find that USDT wasn’t supported. I then had to convert it back to USD and into USDC, only to realize that the supported networks for USDC didn’t include ETH Ethereum. After searching around, I finally managed to send the funds to MEXC exchange, losing a few dollars in fees.

OneKey supports limited networks for USDT withdrawals.

It’s surprising that the founder of OneKey is Chinese.

OneKey’s Chinese founder announces its closure on Twitter.

Converting USD to USDC for external wallet withdrawal.

Paid $99 to upgrade to a black card but didn’t benefit much from it.

In OneKey, converting between USD, USDT, and USDC incurs a small fee.

There’s a 1% fee for converting USD to USDC.

OneKey referral link.

OneKey cryptocurrency USD card interface.

Upgrading to a OneKey Black Card costs $99.

Withdrawing USDC to an external MEXC wallet.

Another cash-out option is now gone. These days, any industry tied to fiat currencies is prone to shutdowns due to the complexities of compliance and anti-money laundering regulations.

Crypto Exchanges / Crypto Cards

• The Sunset of OneKey Crypto Card
• Crypto Exchanges: Return Coins to Original Address
• Stay Away from WirexApps: The Major Security Flaws of Wirex (WirexApp) Exchange
• Ionomy Exchange Has Absconded with Investors' Coins
• Optimizing Cryptocurrency Conversion: A Comparative Study of Wirex and Crypto Exchange Rates
• Crypto Token Exchange Rate Computation Based on Breadth First Search Algorithm on Poloniex API
• Best Security Practices for Holding Cryptocurrencies on Exchanges
• The USDT to GBP Exchange Rate Comparison: Crypto.com, Ledger and Wirex
• The Major Security Flaws of Wirex (WirexApp) Exchange

–EOF (The Ultimate Computing & Technology Blog) —