SARB urges banks not to close crypto exchange accounts.
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South African-based crypto-currency exchanges have welcomed the South African Reserve Bank’s (SARB’s) Prudential Authority’s (PA’s) guidance notice to the big banks to start working with crypto players.
The guidance notice follows some local big banks shutting down the accounts of crypto-currency exchanges, largely fearful of the potential risks they present.
In November 2019, FNB announced it was closing down crypto-related bank accounts, much to the anger of local digital currency players.
The bank notified the crypto-currency exchanges that it will close accounts for them in 2020, citing the risks the digital currencies present.
The guidance notice follows some local big banks shutting down the accounts of crypto-currency exchanges, largely fearful of the potential risks they present.
In November 2019, FNB announced it was closing down crypto-related bank accounts, much to the anger of local digital currency players.
The bank notified the crypto-currency exchanges that it will close accounts for them in 2020, citing the risks the digital currencies present.
