In late 2019 year the FNB South African Bank, announced that will be closing their crypto exchanges Bank accounts, as they, in their point of view, are considered highly risky accounts.
The deadline to closure of those accounts is just approaching and FNB (First National Bank) will take them down on Feb. 28, after it no longer customers will be depositing money to those accounts.
Well, it's interesting to note here that, the closure of the account is a decision made by the Bank not the Financial country authority, meaning all the exchange that deal with Cryptocurrency can still operating using others banks banks accounts.
But why FNB accounts are Important to Development of crypto in SA and in Africa?!
FNB is the South African Bank with more knowledge and tracking on the online business that offer Support and assistance to those operations. The Bank is one of the most prominent in this field, pairing with their fees compared to other Banks, they are pioneer in linking bank accounts with Crypto business in South Africa and Africa in general.
So, losing their support, isn't that bad, but considering , that other bank can also follow that unilateral decision is worrying.
Cryptocurrency Exchanges, are informing their customers the closure of their accounts with FNB and offering other accounts that will help the customers trade in their Platform making direct deposits or withdrawals.
Crypto is the key for the future and Africa needs that!
***Free image from pixabay.com