FNB ("most innovative bank in SA") is unbanking one of the most innovative industries of our time, says Farzam Ehsani (VALR.com).
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.comThe Money Show’s Bruce Whitfield interviewed Farzam Ehsani, cofounder and CEO at VALR.com, one of the exchanges affected by FNB’s decision.
http://www.capetalk.co.za/articles/367614/fnb-unilaterally-closes-accounts-of-all-cryptocurrency-trading-platforms-in-south-africa
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.comThe 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.To Listen to the short interview click through to Cape Talk here:
Farzam Ehsani, cofounder - VALR.com
http://www.capetalk.co.za/articles/367614/fnb-unilaterally-closes-accounts-of-all-cryptocurrency-trading-platforms-in-south-africa
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Francisco Gimeno - BC Analyst A real disappointment. The risks in crypto are well known. Volatility, new tech, and of course, like in any other financial sector, the usual number of scammers. Any bank involved in this has to have clear regulations both in KYC and AML, and prepared officers. Lets expect this is just a halt to rethink how to integrate crypto in the banking system. However, anyone involved in this business is witnessing right now a very active opposition to even opening a bank account for a blockchain company (even in only fiat money and no crypto involved).