FNB unilaterally closes accounts of all cryptocurrency trading platforms in SA

FNB is shutting down the bank accounts of cryptocurrency trading platforms in South Africa.

The bank identified risks associated with cryptocurrency platforms and the lack of appropriate regulations as reasons for its “prudent course of action”.

pixabay.com

The Money Show’s Bruce Whitfield interviewed Farzam Ehsani, cofounder and CEO at VALR.com, one of the exchanges affected by FNB’s decision.

They haven’t given any indication of what risks they’re worried about… a unilateral decision… will take effect in 2020… but we don’t know the exact date…

Farzam Ehsani, cofounder - VALR.com

It’s a very big disappointment, especially for someone like myself who used to be the blockchain lead at the group [First Rand, owner of FNB] …

Farzam Ehsani, cofounder - VALR.com

The regulatory environment has become much more accommodative… It came as a very big surprise to us, particularly for the ‘most innovative bank in South Africa and the world’ to unbank what’s arguably the most innovative industry in the last couple of decades.

Farzam Ehsani, cofounder - VALR.com

Listen to the short interview in the audio below.

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