Reports hold that Absa bank is blocking South African users from using their credit cards on international exchanges like Binance. Several clients have claimed that the bank has informed them of the suspension of online payments to Binance.
Mybroadband through a report reveals that the bank executed the new measures because Binance is non-compliant. The new measures are believed to have taken effect around June 18, 2021.
Nonetheless, Binance has refuted these claims saying that it is compliant with all crypto regulations within Africa. In addition, the exchange suggests that the blockade could be connected to the Reserve Bank’s foreign exchange rules.
Surprisingly, the blockade comes just a few weeks after the country’s Intergovernmental Fintech Working Group (IFWG) called for the regulation of digital currencies.