South African exchange reacts to FNB closing accounts for crypto companies

In the wake of the news that FNB would be closing all business banking accounts for companies dealing in cryptocurrencies, AltCoinTrader has expressed its disappointment in what has been a reputable banking partner in the past.

An article published by South Africa tech magazine MyBroadband revealed the intentions of FNB on Tuesday evening, November 19th.

The news has sent shockwaves throughout the South African crypto asset and blockchain industry, with many influencers expressing a desire to switch to a more progressive banking partner.

AltCoinTrader says they have been banking with FNB since 2015, and despite this long and credible history, they were very surprised by the bank’s decision to terminate all services across the board.

AltCoinTrader CEO Richard de Sousa said they are disappointed, and pointed to international pressure for the termination, “We are disappointed that a financial institution would succumb to international pressure like this, with banking services being denied to individuals and industry players around the globe.”

De Sousa confirmed that AltCoinTrader has implemented multiple fiat options since inception, and has never at any point relied on just one specific bank.

De Sousa said, “We have solidified relationships with other major institutions, and believe that further engagement is necessary. A close working relationship always increases trust and understanding when dealing with emerging technologies like cryptocurrencies.”

He added that the company continue to work alongside the South African regulators and hoped that in the future FNB would reconsider their position.

AltCoinTrader confirmed that the termination of FNB banking services is anticipated to only take place in March 2020, and they’ve committed to notifying their customers via numerous social media platforms and on their website once they gain clarity on the given timelines.

“We want to inform our FNB customers that we have not given up and will continue to fight for their banking rights,” de Sousa concluded, “We believe that the limitations set on the industry will only drive innovation. Customers can be assured that it is business as usual and challenges, whilst sometimes unexpected, are not uncommon in such a nascent industry.”