Shinhan and KB Kookmin, two of these South Korea’s largest banks, will be closing their collaboration with the cryptocurrency exchange Coinplug, which currently allows the customers who participate in some of the banks’ credit card rewards program in order to trade the points that they have earned for bitcoin.
The Korean Times said the banks decided to stop the services in prospects of forthcoming government action on cryptocurrency trading.
Choe Heung-sik, the governor of the South Korean Financial Supervisory Authority, said:
“The government’s stance is prohibiting financial institutions from entering the virtual currency market or nurturing environments for trading.”
Shinhan Card’s “Fan Club” and KB Kookmin Card’s “Liiv Mate,” these programs will be ending their partnership with Coinplug from January 15 and January 22, 2018, Respectively.