As a African and user of AltcoinTrader Crypto Exchange it's very disappointing to see that the deadline to all exchange accounts in First National Bank (FNB) South Africa owning by Exchange will be shut down.
They South African Bank announced that announced in late 2019 year, that will stop Support for Exchange Accounts considering them for highly risky accounts.
So, following those guidelines all Exchanges who have Bank accounts in FNB will have to shutdown them, and move the assets for other Banks.
The AltcoinTrader Exchange will continue they business with their Standard Bank account but they account also in NedBank is also in business.
The users accounts are not affected by this measures as they can still deposit and withdraw their crypto gains in FNB, only for now the support from exchanges are closed until further decision.
Oblivious this is a retreat in the in the crypto trading in SA as the FNB is more favorable to all internet and online business, offering a great support and affordable taxes, but to continue and expanding their crypto business in one of the most prominent Countries in Adoption of Cryptocurrency in Africa the Business will go on!
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