The FSC revealed that it had issued a letter to the Bankers Association of the Republic of China, which directed credit card issuers to stop onboarding digital assets platforms as merchants.
The fee structure changes were introduced in 2018, which the plaintiffs said was a violation of its cardholder terms of service.
The South American country has typically been supportive of allowing crypto-related activity, even instituting crypto payments to pay for public transportation.
A new cryptocurrency credit card is making its debut, but hopes its platform offers enough of a unique solution that it will work where others have failed.
KuCoin has partnered with Simplex, an Israel based payment processing company, to allow users to purchase crypto through credit cards.
The global credit card company is looking for a crypto professional who is familiar with “permissionless blockchain technology” to join the team, according to a Smartrecruiters posting.
Cryptocurrency exchange Binance has announced it is now supporting debit and credit card payments, in a move expected to help increase mainstream adoption.