- Binance allegedly failed to meet bank regulations.
- South African bank — Absa, has blocked its users from purchasing cryptos on the exchange.
- The accused admits to no non-compliance, instead suggests other possibilities.
Absa, a South-African bank took the step to block the use of all its users’ credit cards for purchasing cryptos on international exchanges. This decision was made after some texts claiming account suspension on a certain exchange.
In detail, the bank received claims from clients from a financial firm. The clients claim that they got texts about suspensions from online payments made to the crypto exchange — Binance.
The bank, in turn, says that it recently implemented this new measure, specifically, on June 18, 2021. Moreover, it did so because Binance fails to comply with regulations. This action took place right after the IFWG chose to realign the country’s crypto regulation.
It was clear that South African citizens and businesses were ...
This article was first published on coinquora.com