RATE Group | Nedbank Not Looking to Shut Down Crypto Exchange Bank Accounts
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Nedbank Not Looking to Shut Down Crypto Exchange Bank Accounts

25 Jan Nedbank Not Looking to Shut Down Crypto Exchange Bank Accounts

Posted at 19:12h in Cryptocurrency News by

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Contrary to reports, prominent South African bank, Nedbank is not considering closing down accounts belonging to crypto exchanges in the country.

Nedbank Not Taking New Digital Asset Exchange Customers

According to South African crypto news outlet SACrypto, reports stating that Nedbank is planning to shut down bank accounts of crypto exchanges are false. Commenting on the situation, Richard De Sousa, the CEO of AltcoinTrader, one of South Africa’s crypto exchange platforms remarked:

I commented in the IT Web article about Nedbank closing crypto accounts. But I believe it has turned into media hype. The reality is: Nedbank are no longer taking on new accounts for crypto related companies, but they are not closing current accounts.

As previously reported by Bitcoinist FNB closed down accounts linked to cryptocurrency exchanges in November 2019. However, stakeholders at major South African crypto exchanges say fellow ‘big five’ bank Nedbank is not planning on adopting a…

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