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[faribakhazaei]

Absa Bank, which operates in South Africa, has blocked the possibility of paying at Bainance Exchange using its credit cards. The private bank said Bainance's activities did not comply with South African regulations. Bainance responded by saying that the restrictions may be related to the South African central bank's new policy on foreign exchange.

 

[Niftyicon]

Isn't it strange that this is coming on the heel of such restriction on Kraken and Binance in the United Kingdom? I wonder what policies are making things so difficult for those exchanges.

 

[LutherKing]

Well this is monopoly at its best , but it can be gamed as well , binance coin is not bad along with the exchange and certainly don't know about the policy to see where binnace is not complying actually to be honest

 

[Josemendez]

This is another blow to the Binance exchange site . First it was UK and now this Asian bank. I think it is time for Binance to work on meeting up to the terms of these countries

 

[Doc-JR]

Isn't it strange that this is coming on the heel of such restriction on Kraken and Binance in the United Kingdom? I wonder what policies are making things so difficult for those exchanges.

This is fear! The banks realize there is an alternative currency scene around and see how they loosing ground against them. So they do every step to make it harder for customers to move money there. They did it before with stock investment apps like eToro or Robinhood, they tried to block google pay, apple pay and ali pay

 

[Josemendez]

This is fear! The banks realize there is an alternative currency scene around and see how they loosing ground against them. So they do every step to make it harder for customers to move money there. They did it before with stock investment apps like eToro or Robinhood, they tried to block google pay, apple pay and ali pay

We must not see this in this angle alone . There is possibility that the reason behind it is for them to control their Fiat currency depreciating.

 

[Niftyicon]

This is fear! The banks realize there is an alternative currency scene around and see how they loosing ground against them. So they do every step to make it harder for customers to move money there. They did it before with stock investment apps like eToro or Robinhood, they tried to block google pay, apple pay and ali pay

I see your point and I agree to some extent. The banks are in a position of helplessness for the lack of control over Cryptocurrencies but the better option should have been looking into ways to incorporate crypto services into the banking system.

 

[Josemendez]

I see your point and I agree to some extent. The banks are in a position of helplessness for the lack of control over Cryptocurrencies but the better option should have been looking into ways to incorporate crypto services into the banking system.

Yeah that's just it and incorporating it demands that they study it , be able to control it to an extent . This is part of their concern

 

[BullyMaguire]

Well they are banks so.. what else there is to it? Binance probably didn't gave them enough security that they will remain on top. It's a threat to them that uses fiat money

 

[Josemendez]

Well they are banks so.. what else there is to it? Binance probably didn't gave them enough security that they will remain on top. It's a threat to them that uses fiat money

Well , I think the issue has now been rectified for UK citizens and Binance will work in rectifying it for other countries , Japan and Canada precisely

 

[ELSA-ELI]

I have been off crypto for almost two months due to its demanding nature in my life but i never got the main reason Binance had such issues or santions.

I think it was just a logical thing thing for absa to take the side of Barclays on restricting Binance in the UK.

 

[Josemendez]

I have been off crypto for almost two months due to its demanding nature in my life but i never got the main reason Binance had such issues or santions.

I think it was just a logical thing thing for absa to take the side of Barclays on restricting Binance in the UK.

Well , is all about having the permission of the regulatory bodies in the country where they are offering their services.

 

[ELSA-ELI]

Well , is all about having the permission of the regulatory bodies in the country where they are offering their services.

Meaning Binance had not secured all the rights to be operating in south Africa?shame if that was the case and only hope everything is rectified now.

 

[Josemendez]

Meaning Binance had not secured all the rights to be operating in south Africa?shame if that was the case and only hope everything is rectified now.

Yeah . And not just South Africa but every other countries that their services are . They need to work on registering with the Regulators in each company

 

[ELSA-ELI]

Yeah . And not just South Africa but every other countries that their services are . They need to work on registering with the Regulators in each company

That was an exibition of poor workmanship among the company technical people.Maybe they thought that they where operating in air space and did not see the need to affilliate with distinct physical regulators in the countries they serviced.

 

[Josemendez]

That was an exibition of poor workmanship among the company technical people.Maybe they thought that they where operating in air space and did not see the need to affilliate with distinct physical regulators in the countries they serviced.

Lol . Well , they have been call to order and I think many other countries might seek for regulations as well . To benefit too from taxation

 

[ELSA-ELI]

Lol . Well , they have been call to order and I think many other countries might seek for regulations as well . To benefit too from taxation

Where tax is due it has to be remitted to the relevant entities only that it does not need to oppress the flow of business more especially in these times where the ground has not been all that favourable.

 

[Josemendez]

Where tax is due it has to be remitted to the relevant entities only that it does not need to oppress the flow of business more especially in these times where the ground has not been all that favourable.

Well , here they should pay a certain amount of money to the country where they are offering their services , also it will help control money laundering

 

[Humbu]

I'm from South Africa and yes some of the banks are blocking crypto purchases using credit and debit cards. Actually we are now forced to buy using local crypto wallets, but as you know there's always other methods to beat the system. Government in general have issues with cryptocurrency and unfortunately for them it's not going anywhere

 

[Wisdom01]

Well i think these is almost related to the issue in my country , and if the bank dosent allow citizen to buy , i think they would obviously make use of other banks