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South Korean Card Companies Block Transactions to Overseas Cryptocurrency Exchanges

South Korean card companies are reportedly working on blocking payments to overseas cryptocurrency exchanges. Currently, 20 major crypto exchanges are blocked but that number is expected to increase, according to the Korean Credit Finance Association.

Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations

Blocking Payments Overseas

South Korean Card Companies Block Transactions to Overseas Cryptocurrency ExchangesSouth Korean card companies have been working on blocking payments to overseas cryptocurrency exchanges, local media reported the Credit Finance Association of Korea revealing.

The association is a non-profit organization with 68 members: 8 credit card companies, 21 leasing companies, 21 installment financing companies, and 18 venture capital companies. An official of the association was quoted by Yonhap last week:

Credit [card] companies are voluntarily blocking payments to overseas virtual currency exchanges.

“We will continue to prevent transactions from being carried out if a foreign [cryptocurrency] exchange is registered as a merchant,” the news outlet further quoted the association.

8 Card Companies Onboard

South Korean Cards Block Transactions to Overseas Cryptocurrency ExchangesThe association explained that “eight domestic credit card companies are in the process of suspending credit / check card transactions so that they [users] cannot buy virtual currency at overseas virtual currency exchanges with domestic cards,” the publication noted.

There are exactly 8 members of the association that are card companies: BC Card, Hyundai Card, KB Kookmin Card, KEB Hana Card, Lotte Card, Samsung Card, Shinhan Card, and Woori Card.

Business Korea quoted the association on Monday:

Currently, only 20 major digital currency exchanges are Read More Here