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.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
We paid before the family arrived with the body – Old Mutual

We paid before the family arrived with the body – Old Mutual

Consumer journalist Wendy Knowler investigates after a poor family’s desperation to get a claim paid made headlines.

3 best JSE shares to buy, right now (by The Robert Group)

3 best JSE shares to buy, right now (by The Robert Group)

Devin Shutte (Head of Investments at The Robert Group) shares his stock picks of the week with Bruce Whitfield on The Money Show.

Can’t find your phone? Drop everything – thieves can get into your banking app!

Can’t find your phone? Drop everything – thieves can get into your banking app!

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

What is better - money in the bank or investing in shares?

What is better - money in the bank or investing in shares?

Personal finance expert Warren Ingram offers a definitive answer with an explanation ordinary people can understand.

How to buy your first share (even if you only have R50, or less)

How to buy your first share (even if you only have R50, or less)

Got R50? No? Got R5? Personal finance expert Warren Ingram on how to buy shares with tiny amounts of money.

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.

Popular articles
'Toddler (Boy) Mamabolo is behaving like a toddler who is at nursery school'

'Toddler (Boy) Mamabolo is behaving like a toddler who is at nursery school'

Eusebius McKaiser gives his opinion on the behaviour of politicians in Parliament during the Sona debate.

Possibility of Wednesday load shedding has increased, warns Eskom

Possibility of Wednesday load shedding has increased, warns Eskom

The power utility has warned that the system remains vulnerable and load shedding can be implemented at short notice.

[WATCH] SANDF tank crashing through crowd goes viral, is this another Mabena?

[WATCH] SANDF tank crashing through crowd goes viral, is this another Mabena?

Khabazela shares some of the videos that went viral on Twitter and Facebook.

[WATCH] Camera falling from plane into pig pen has social media in stitches

[WATCH] Camera falling from plane into pig pen has social media in stitches

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Who actually owns this house, some social media users say it belongs to them

Who actually owns this house, some social media users say it belongs to them

Khabazela shares some of the videos that went viral on Twitter and Facebook.

'If  Statistics SA Council is destroyed it will leave country at disadvantage'

'If Statistics SA Council is destroyed it will leave country at disadvantage'

Former statistician-general Dr Pali Lehohla says if the agency doesn't receive more funding, citizens will be denied information.

'Extreme concerns' about coronavirus making landfall in Africa

'Extreme concerns' about coronavirus making landfall in Africa

The coronavirus has made landfall - and apart from obvious dangers, its effect on the Chinese economy will also hit Africa hard.

An Allan Gray advertisement hits home and a golf resort gets lost

An Allan Gray advertisement hits home and a golf resort gets lost

Andy Rice, branding and advertising expert, tells us what ads caught his fancy and which ones baffled him.

Why EY thinks it's time to start dropping SA’s corporate tax rate

Why EY thinks it's time to start dropping SA’s corporate tax rate

If the corporate tax rate in South Africa gets lowered, would it lead to higher tax collections?

Stats SA Council threatens to resign over lack of funding, frozen posts

Stats SA Council threatens to resign over lack of funding, frozen posts

''If there are no official statistics approved by the statistician general - at that point I think your rates agencies will just say Game Over.''