In an email to its customers, VALR, the South African crypto exchange, has officially announced its First National Bank (FNB) account closure and that it will be switching fully to Standard Bank at the end of February 2020.
The email reads:
“First National Bank (FNB) is unbanking all businesses in the cryptocurrency industry, including VALR. We have been using FNB and Standard Bank as our banking partners but will be switching fully to Standard Bank at the end of February 2020. After Friday, 28 February 2020, only use our Standard Bank account to make deposits.”
Customers are thus advised to update their beneficiary details from FNB to Standard Bank account details.
SEE ALSO: Another Large South African Bank, NedBank, Freezes Opening New Cryptocurrency Accounts
Here are more queries and answers in regards to the change:
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Yes. FNB is not closing any personal accounts and you can still fund your VALR account by sending money from your FNB account to our Standard Bank account (details on the deposit page once you sign in to VALR).
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Yes.It may take a bit longer but you can expedite your withdrawals by using our Fast Withdrawal option. Learn more
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If speed is of the essence, feel free to open a Standard Bank account (or use our Fast Withdrawal option). Deposits and withdrawals to Standard Bank accounts should be immediate.
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Nothing. It’s business as usual at VALR.
The above update comes just two months after FirstRand Bank, one of the ‘big five banks’ in South Africa, notified major South African cryptocurrency exchanges – Luno, ICE3X, and VALR – that their bank accounts will be closed.
The news also comes just a week after NedBank, another large South African bank, froze the opening of new cryptocurrency accounts.
