One of “Big Five” Banks in South Africa is Withdrawing its Services to Crypto Exchanges

Stack of Bitcoin coins on Southern Africa flag. Wit Olszewski / Shutterstock.com

FNB, one of the five biggest banks in the country, has declared that it’s suspending its services to the crypto exchanges. This decision was announced through the letter quoted by a South African tech news platform MyBroadband.

Cryptos taking the lead in finances

Cryptocurrencies have become the most popular and revolutionary entities in the financial world. Since 2008 and the birth of blockchain, this ‘democratized’ form of currency has slowly, but firmly, entered many industries and even taken leading roles. The most notable example here is a crypto-based investment and high volatility of Bitcoin.

Besides being one of the most lucrative investing assets, and probably more importantly, cryptocurrencies have been created to ensure the utmost security and anonymity of transactions. In today’s financial world, where cyber-attacks and thefts are so rampant, you can never be too careful about your financial security. That’s where cryptos are coming in and making financial accounts more secure.

However, besides cryptocurrencies and their financial applications, blockchain can be used for so many different purposes. For example, there’s Carrefour and Nestle who are incorporating blockchain technology into their milk products for infants. This enables customers to not only track the products that they’ve ordered but also to check what’s inside of them and when/where they’ve been made.

Blockchain can also be used in politics. Since it’s so secure and anonymous, it can be incorporated in the election process. With the blockchain-powered voting system, the votes will be so much more secure and rig-free, while the voters will remain as anonymous as ever.

Insufficient regulations

However, one of the things that are being criticized a lot is the fact that there is no sophisticated regulatory framework that can work for anyone. Sure, there might be…

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