South Korean Card Companies Block Transactions to Overseas Cryptocurrency Exchanges

Blocking Payments Overseas

South 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 Exchanges

The 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 blocked but we will confirm and share information about exchanges grasped by individual card issuers. An increasing number of exchanges will be continuously blocked in the future.

The news outlet also quoted industry sources clarifying, “Lotte Card and Shinhan Card have introduced systems blocking transactions by investors for the purchase of digital tokens from 20 overseas virtual currency exchanges using either debit or credit cards.” Woori Card reportedly did the same on January 18 while other card issuers, including Kookmin Card, are planning to complete the blockade by the end of this week.

However, the publication noted that there is a growing controversy over how effective this method to prevent investors from using overseas exchanges is, citing that “investors can purchase digital currencies through foreign simple payment systems, including Paypal.”

Last month, some Korean card companies discontinued their credit card points-to-cryptocurrency conversion services. Shinhan Card and KB Kookmin Card have discontinued their service to convert card points to bitcoin.

Comments

New National Minimum wage report to be submitted next week.

By Johnbosco Agbakwuru ABUJA— BARING any last minutes change, the tripartite committee approved by the Federal Government to review the minimum wage will submit its report this week. Although the committee was supposed to present its report last month, the public holidays to mark Eid-el-Kabir affected the date. It was gathered that the committee met, yesterday, at Trsnscorp Hilton, Abuja and a highly placed source privy to the meeting said that the organised labour was pressing that the report be concluded today. The source, who spoke on condition of anonymity, said that though the government representatives had requested for more time, labour felt the report of the committee had been delayed for too long. “We are pressing that the report is made ready today. We are supposed to conclude everything about the report in August but the Sallah holiday affected the planned date. Though the government representatives have requested for more time, we feel that ...

Onecoin Offices Raided in Sofia, Servers Shut Down

50 People Questioned, No Arrests Servers, documents and other evidence have been confiscated from Onecoin and about 50 people have been questioned by investigators, according to the official statement . No arrests have been reported so far. Bulgarian prosecutors, national security agents and members of the organized crime combating unit were involved in the joint operation. They acted on request from Germany, where Bulgarian-born “founder and visionary” of Onecoin, Ruja Ignatova, had been taken to court. “Onecoin” payments were banned in the Federal Republic and in 2016 the UK Financial Conduct Authority issued a warning about the company. The Ministry of Interior of Bulgaria released a video of the search in Onecoin’s building: In just three years, about three million people have subscribed for the educational packages offered by Onecoin , Bulgarian prosecutors announced at a briefing on Friday. The company is suspected of commercial fraud, money laundering and illeg...

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...

MarcFarms™

Search This Blog