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South African Banks Prevents Customers From Buying Cryptocurrencies Through International Exchanges
Summary: According to local media Mybroadband, South African banks are preventing customers from buying cryptocurrencies through international exchanges. When a client of Absa Bank, headquartered in Johannesburg, tried to buy cryptocurrency on Binance, he received a message that the transaction had failed. Absa responded that the transaction was blocked in accordance with South African Reserve Bank ...
According to local media Mybroadband, South African banks are preventing customers from buying cryptocurrencies through international exchanges.
When a client of Absa Bank, headquartered in Johannesburg, tried to buy cryptocurrency on Binance, he received a message that the transaction had failed.
Absa responded that the transaction was blocked in accordance with South African Reserve Bank regulations and was industry-wide.
The current regulations do not allow "cross-border or foreign exchange transfers for the express purpose of purchasing crypto assets...From the perspective of foreign exchange control, financial regulators cannot approve any such transaction," the Reserve Bank's website wrote.
BY Mary Liu
Tags: Absa,Cryptocurrency,Regulation,South African
Link: South African Banks Prevents Customers From Buying Cryptocurrencies Through International Exchanges [Copy]
