FNB to shut down cryptocurrency platforms’ bank accounts

First National Bank provided more insight on Wednesday into why it has given notice to cryptocurrency trading platforms in South Africa that it will shut their bank accounts.

Affected currency exchanges include VALR.com and Luno, though FNB hasn’t named any of the companies involved, saying it “cannot provide any information on specific bank accounts”.

In response to questions from TechCentral, an FNB spokesman said via e-mail: “FNB can confirm that it has given reasonable notice to terminate its banking services to virtual currency exchanges and intermediaries trading in virtual currency.

It said the decision to terminate banking services to these entities does not apply to individual customers.

“FNB considers this to be a prudent course of action following a comprehensive review of the potential risks currently associated with these entities, particularly given that appropriate regulatory frameworks are not yet in place.”

The bank did not respond to certain…