Major South African Bank CLoses Crypto Exchange Accounts

FNB, one of the ‘big five’ South African bank is closing down accounts operated by crypto exchanges in the country. The bank, however, says the emergence of clear-cut cryptocurrency regulations in South Africa may trigger a reversal of the policy.

FNB Calls for Clearer Regulations in South Africa

In a letter quoted by South African tech news platform MyBroadband, FNB communicated its decision to cease offering services to cryptocurrency exchanges. Part of the letter reads:

FirstRand Bank has been considering its risk appetite in respect of virtual currencies and virtual currency exchanges for some time. Within this context the bank has taken the decision to discontinue the provision of banking services to virtual currency exchanges and/or entities dealing/trading in virtual currency.

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