Credit Finance Association of Korea (CREFIA) is a non-profit organization with the members of Credit Specialized Financial Business Companies, such as credit card, leasing, installment financing and venture capital companies, developing credit specialized financial business industry through constructive cooperation, information sharing, and promotion of research for mutual benefits of the members.
CREFIA revealed that South Korean credit card companies are currently working on blocking payments to overseas cryptocurrency exchanges.
We will continue to prevent transactions from being carried out if a foreign [cryptocurrency] exchange is registered as a merchant.
The Credit Finance Association of Korea
The finance association reported to South Korean media Yonhap that 8 local credit card companies are in the process of suspending credit/check card transactions so that the users would not be able to buy virtual currency at overseas virtual currency exchanges with local credit cards.
The credit card companies include:
- BC Card
- Hyundai Card
- KB Kookmin Card
- KEB Hana Card
- Lotte Card
- Samsung Card
- Shinhan Card
- Woori Card
Previously, we have reported that South Korean financial authorities banned opening anonymous cryptocurrency accounts, and that Korbit exchange stated that foreigners would not be allowed to deposit Korean won at any domestic cryptocurrency exchanges.