Major Bank in South-Africa stops Crypto Support:

Major Bank in South-Africa stops Crypto Support:

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In South-Africa we don't have many Altcoin Exchange options available that is coupled to our local banks, to do our trading and converting to and from local FIAT.

FNB which is one of our top retail banks and the biggest by Market Capitalization, according to the article "Biggest Banks in South-Africa" of which the link is given below, has withdrawn it's support to Altcoin Exchanges

Please note the piece below is a direct copy from the notification from AltCoin Trader, which is one of the top 3 exchanges in South-Africa.

AltCoinTrader has been banking with FNB since 2015 and was very surprised by the bank's recent decision to terminate banking services across the entire local crypto industry.

We are disappointed that the financial institution has succumbed to international pressure, with banking services being denied to individuals and industry players around the globe. AltCoinTrader has implemented multiple fiat options since inception and has never at any point relied on just one specific bank, having solidified relationships with other major institutions. We believe that further engagement is necessary and a close working relationship always increases trust and understanding of emerging technologies. We continue to work alongside the South African regulators and hope that in the future FNB may reconsider their position

The termination of FNB banking services is anticipated to only take place in March 2020 however we will ensure that we send out notifications via our Social Media platforms and on our website once we have more clarity on timelines.

We would just like to inform our FNB customers that we have not given up and will continue to fight for our customers banking rights. Having said that we believe that the limitations set on the industry will only spur innovation. Customers can be assured that it is business as usual and challenges, whilst sometimes unexpected, are not uncommon in this industry.

I hope the other banks don't follow suite!! Luckily I don't bank with FNB, and AltCoin Trader had the vision to not only use one bank to do business with!!

I hope that this inconsiderate move could cause FNB to loose clients, but I really don't think the AltCoin Market, in South-Africa, is big enough to really make a huge impact on the big banks.

FNB has a slogan"how can we help you", but it seems that they don't really care about their clients.

It is just amazing that the big banks, don't keep up with new technologies and developments and trends, in the global money markets.

Article source: AltCoin Trader News

Bigest Banks in South Africa

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