Credit Finance Association of Korea Blocks Crypto Payments

South Korea continues to intensify its policy towards cryptocurrency as 8 South Korean card companies are reportedly blocking transactions to overseas cryptocurrency exchanges
23 January 2018   843

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.

Caspian to Launch Crypto Derivatives Trading

Caspian does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x
21 March 2019   83

Caspian, an asset-oriented asset management platform, has launched cryptocurrency derivatives trading.

Thanks to integration with Deribit, Caspian customers gained access to trading in futures and options for Bitcoin and Ethereum. Also, the platform will provide the opportunity to trade indefinite bitcoin-swap.

According to Caspian, the platform does not charge commissions for depositing and withdrawing funds and provides leverage up to 100x.

We are excited to be working with Deribit to make the trading of crypto options and futures possible within the institutional community. Our goal at Caspian is to provide crypto traders and investors the same standard of tools and service that exist in the traditional markets and its great knowing that the team at Deribit is working towards the same high standards.

Robert Dykes

CEO, Caspian

Caspian noted that their platform connects to Deribit via an API that supports “large trading volumes with extremely low latency”. The platform also has full access to the book of orders of the crypto-derivative stock exchange.