Exclusive South Korean Club Excludes Crypto Traders

An exclusive new social club in South Korea, catering to the super-rich, has sparked controversy with its reported criteria for membership. The club, named DYAD Cheongdam, is set to open in summer 2026 and commands a KRW 1 billion ($734,290) annual membership fee. According to a report, the club may exclude individuals who have made their fortunes from trading cryptocurrency, along with those who have an excessive number of tattoos, as these individuals might "damage the club’s image."

The club is located in Cheongdam, one of the most affluent districts in Seoul. It aims to provide a combination of business and leisure for its members, who must be aged between 19 and 60. Prospective members must provide letters of recommendation from two existing members, and the club openly claims to have styled itself after famous private members’ clubs in major overseas cities, such as the Core Club in New York and London’s Soho House.

DYAD Cheongdam offers a range of high-tech fitness, meditation, and longevity programs, as well as business meeting rooms and a “biohacking lab.” The club’s facilities include a super-luxurious kitchen with high-end appliances. Over 100 people have already joined the club ahead of its opening, and members will have to pay for a range of other costs in addition to the membership fee.

The club’s members include businesspeople, startup CEOs, and individuals from the world of culture and the arts. The club aims to become the “Casa Cipriani of South Korea,” a social club in New York known for its celebrity members. However, Casa Cipriani’s annual membership fee is considerably lower than DYAD’s price.

According to a survey published last month by the financial group KEB Hana, over half of South Koreans have experience trading crypto. Almost a third of crypto traders are currently holding onto their coins in the hope of making bigger profits in the future. This survey highlights the growing interest in cryptocurrency trading in South Korea, which may be a factor in the club’s decision to exclude crypto traders from membership.

The club’s reported criteria for membership have raised questions about the exclusivity and elitism of high-end social clubs. While the club aims to provide a space for members to share their “vision and taste with a small group of attractive people,” its decision to exclude individuals based on their source of income and appearance may be seen as discriminatory. The club’s decision to exclude crypto traders may also be seen as a reflection of the stigma surrounding cryptocurrency and its association with risk and volatility.