RedotPay Halts New Card Issuance for South Korean Users

RedotPay, a Hong Kong-based cryptocurrency payment company that allows users to spend stablecoins via its cards at Visa merchants, has suspended new card issuance for South Korean users. The move affects both physical and virtual cards.

The restriction comes after RedotPay halted new physical card issuance in Korea last May, but this time around it's a more comprehensive ban. Users attempting to apply for a card through the RedotPay app are met with a message saying that card applications are temporarily unavailable in their region.

RedotPay had stopped customer acquisition efforts in Korea before implementing the card restrictions. The company also terminated its affiliate programs with partner companies and influencers, effectively cutting off promotional channels.