RATE Group | FNB shuts down South African cryptocurrency-linked bank accounts
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FNB shuts down South African cryptocurrency-linked bank accounts

19 Nov FNB shuts down South African cryptocurrency-linked bank accounts

Posted at 19:25h in Cryptocurrency News by

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Major South African cryptocurrency exchanges – including Luno and ICE3X – have been notified by FNB that their bank accounts will be closed.

According to a letter seen by MyBroadband, FirstRand Bank told the cryptocurrency exchanges that it has been considering its “risk appetite” regarding virtual currencies and related exchanges, and has decided to discontinue the provision of banking services to certain companies.

FirstRand Bank added that it may change its decision if regulation around the industry is clarified.

An excerpt from the letter states:

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.

Future regulatory clarity may cause us to revise our decision.

Regulation and exposure

“We can confirm that FNB…

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