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Best app for trading in South Africa?
Africrypt - another example of "Not your keys, Not your coins"
$3.6 Billion Crypto Heist: South African Bank Denies Business Relationship With Fraud Accused Africrypt
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>In a significant development for South Africa’s cryptocurrency industry, the Reserve Bank’s Prudential Authority (PA) has issued a “guidance note” to local banks saying they should provide banking facilities to crypto exchanges. > >In recent years, several major banks have moved to “unbank” such exchanges, including Luno and VALR.com. FNB in 2019 controversially terminated banking services to “virtual currency exchanges and intermediaries trading in virtual currency”. > >VALR CEO Farzam Ehsani on Thursday lauded the guidance note, entitled “Supervisory guidelines for matters related to the prevention of unlawful activities”, calling it a “great step forward for crypto, for South Africa and for the banks themselves”.
Most banks offer these accounts FNB easy account (R5), fnb gold (around R100), Absa should have a R5 account but I'm not entirely familiar with then Standard bank got the mymo account for R5 And of course there's capitec which was one of the first (if not the first) to bring the R5 accounts Personally I do like FNB because their online banking is really good .... Crypto wise, my friends with standard bank accounts says Valr and Luno (crypto exchanges) transfers happen the same day
FNB closed Luno's account when it stopped doing business with crypto exchanges. You can still get money from FNB to Luno. You have to use the Luno Standard Bank account. Just go in the app to deposit and find the account details
Might switch since FNB won’t let me eft into my Luno wallet
In response to the government intrusion, FNB National Bank, wrote, “As your community bank, we want our customers to know the facts, especially when it relates to concerning developments around public policy that exposes your financial privacy. The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. We work for our customers and our community, not the IRS.” The bank is asking the public to join them in telling Congress that proposed IRS bank account profiling is intrusive and indiscriminate for all customers: If you want to make your voice heard, you can follow this link. https://www.icba.org/bank-locally/consumer-alert-from-icba
I also opened a forex account with FNB and have a global card so for when the situation gets dire. Only need my wallet and cellphone to leave. The rest can stay.
>However, shortly after the so-called hack, AfriCrypt’s founders — 20-year-old Ameer Cajee and 17-year-old Raees Cajee — allegedly transferred the pooled investor funds from an account at Johannesburg-based First National Bank (FNB) and disappeared to the UK. Police?! Found, them! The kids are in the UK!
>>However, shortly after the so-called hack, AfriCrypt’s founders — 20-year-old Ameer Cajee and 17-year-old Raees Cajee — allegedly transferred the pooled investor funds from an account at Johannesburg-based First National Bank (FNB) and disappeared to the UK. Wow, two practically kids who fell into $3.6b dollars worth of crypto ran off with it? Never would've seen that coming!
According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. FNB also insists it did not enable the investment company’s transactions which helped Africrypt’s two directors disappear with billions of dollars in investor funds. Disappearance of Investor Funds The financial institution’s denial comes nearly two months after Africrypt abruptly stopped operating. At that time, the crypto investment firm’s management claimed Africrypt’s trading system had been breached. This breach compromised client accounts, wallets, and nodes, thus forcing Africrypt to freeze all accounts, the directors claimed. However, shortly after the so-called breach, Africrypt directors Ameer Cajee and his brother Raees Cajee are alleged to have “transferred the crypto investment’s pooled funds from its South African account(s) through bitcoin on the blockchain in April 2021.” South African media reports estimate that as much as $3.6 billion in investor funds cannot be accounted for. Meanwhile, in his response to a media inquiry, FNB spokesperson Nadiah Maharaj refused to acknowledge the existence of any relationship between FNB and Africypt. According to a media report, Maharaj, who cites client confidentiality restrictions, stated: FNB once again confirms that it does not have a banking relationship with Africrypt. Due to client confidentiality, FNB cannot provide any information on specific bank accounts. Use of Crypto Mixers An investigation by local media suggests that after successfully siphoning investors’ funds, the Cajee brothers fled to the United Kingdom. These findings are also corroborated by another investigation by Hanekom Attorneys, a law firm that has been retained by victims of the Africrypt fraud. In addition to these findings, the law firm’s investigations further reveal that Africrypt directors had used mixers in an attempt to obfuscate the flow of the funds. While the case has now been reported to the Hawks (South Africa’s elite police unit), the founder of the law firm, Darren Hanekom, is quoted in the report as suggesting Africrypt’s accounts with FNB have already been “drained” and that “the entirety of investors’ funds” may have been subjected to the mixing service.
tldr; South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. FNB also insists it did not enable the investment company's transactions which helped Africrypt’s two directors disappear with billions of dollars in investor funds. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"FNB once again confirms that it does not have a banking relationship with Africrypt. Due to client confidentiality, FNB cannot provide any information on specific bank accounts" Banks are the reliable partners for criminals.