Share this article
South African Banks Block Crypto Trading on International Exchanges: Report
Customers of Johannesburg-based bank Absa received an error message when attempting to buy crypto on Binance.
Updated Sep 14, 2021, 1:15 p.m. Published Jun 23, 2021, 4:06 p.m.
Banks in South Africa are blocking customers from using their debit and credit cards to purchase crypto from international exchanges, according to local tech-news outlet Mybroadband.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Customers of Johannesburg-based bank Absa received an error message when attempting to buy crypto on Binance, Mybroadband reported Monday.
- Absa subsequently said transactions were blocked in line with South African Reserve Bank regulations and were industrywide. The move took effect Friday, Mybroadband reported.
- Existing regulation does not "allow for cross-border or foreign-exchange transfers for the explicit purpose of purchasing crypto assets," the central bank said on its website.
- "From an exchange control perspective, the Financial Surveillance Department is unable to approve any transactions of this nature."
- The Reserve Bank didn't respond to an emailed request for comment by press time.
- The news may trigger concern of a regulatory crackdown on South Africa's crypto industry.
- Earlier this month, the country's Financial Sector Conduct Authority announced its intention to start regulating crypto assets "in a phased and structured approach."
- A paper published with the Intergovernmental Fintech Working Group recommended imposing anti-money laundering rules on crypto asset service providers and monitoring cross-border financial flows.
Read more: South Africa’s Regulatory Uncertainty Driving Away Crypto Startups: Report
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin trails polar opposites, gold and copper, as 'fear and AI' trade lifts tangible assets
Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
What to know:
- Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
- Bitcoin has underperformed, failing to attract both fear-driven and AI-driven investment, highlighting a shift towards tangible assets.
- The divergence in performance between gold and copper reflects market bets on both AI-driven growth and systemic financial fears.
Top Stories
