1inch Card to Shut Down by Mid-December
Cardholders have until December 18 to spend or withdraw their remaining balances as the service winds down.
Updated on Oct. 21, 2026 in Investing
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1inch is winding down its prepaid 1inch Card service, which allowed users to convert cryptocurrency into a spendable balance. The company stopped accepting new registrations on October 20, 2026, and plans to shut the service down by December 18, 2026.
Why it matters
The closure ends a financial service that facilitated the use of crypto assets for everyday purchases across the European Economic Area and the United Kingdom. Users must now reconcile their account balances before the final shutdown date to ensure access to their funds.
The 1inch Card operated for 2.5 years before the company initiated its wind-down. Users have a 6-year window following account closure to redeem any leftover funds.
The players
1inch
A financial technology firm that provides crypto-asset trading tools and previously offered a branded prepaid card.
Monavate
A licensed electronic money institution responsible for holding funds loaded onto prepaid cards.
Crypto Life
A service provider that handled KYC protocols and account administration for the 1inch card program.
Baanx
A provider involved in the infrastructure for account closures and card service maintenance.
The details
The card functioned by allowing users to convert crypto assets into a spendable balance via a prepaid Mastercard. The operation relied on three partners: Monavate, which holds the loaded funds, and Crypto Life and Baanx, which managed services such as know-your-customer (KYC) protocols and account closures.
Timeline
April 2024: 1inch Card launched.
October 20, 2026: 1inch confirmed the service wind-down.
December 18, 2026: Deadline to spend or withdraw card balances.
Money Landscape
The closure reflects the regulatory requirements of the Electronic Money Regulations 2011, which govern how electronic money institutions must handle consumer funds during service terminations. This follows a period of expansion for crypto-integrated payment cards in Europe.
If you hold a 1inch Card, you should prioritize spending or transferring your remaining balance before the December 18, 2026, shutdown. Consult with a financial professional regarding the status of any funds remaining after the service closure.
The takeaway
The shutdown of the 1inch Card highlights the importance of monitoring notifications from fintech providers regarding service availability. Ensure you have clear records of your account activity and contact information to facilitate the redemption of funds during the six-year claim period.
What happens next
Users must spend or withdraw remaining balances before the December 18, 2026, shutdown deadline.
Further reading
For more on managing digital asset accounts, visit our guide to Investing.
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Do you trust the security of funds held by third-party providers for crypto-branded debit cards?
