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Home»News»General Market News»Standard Bank (S.A.): Termination Notices for Cryptocurrency Arbitraging
General Market News

Standard Bank (S.A.): Termination Notices for Cryptocurrency Arbitraging

Ranjan YadavBy Ranjan YadavOctober 31, 20212 Mins Read
south africa
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Automated cryptocurrency arbitraging clients in South Africa are sent account termination notices by the Standard Bank (S.A.). As reported by Mybroadband, this development “has sent shockwaves through the cryptocurrency industry.” People tend to wonder what the actual criteria used by the Standard Bank really is, for deciding upon terminating accounts for cryptocurrency arbitrage.

Shiftly’s (an arbitrage trading company) co-founder Carel de Villiers is curious to know what formula the Standard Bank actually uses. De Villiers clarifies that his firm is not among the bank’s clientele. Standard Bank had earlier refused to approve de Villiers’ firm Shiftly’s new account opening application. De Villiers still tends to believe that the bank “maintains a business relationship with its rivals.”

A cryptocurrency investment platform, Revix’s founder Sean Sanders further endorses de Villiers’ claims. In the Mybroadband report, Sanders states that Revix has had its share of complex meetings with the bank to then be able to form a somewhat workable association. Sanders also isn’t fond of South Africa’s unclear regulatory framework, augmenting banking risk.

Standard Bank, in its argument, defends the said termination notices, per its spokesperson. The representative says the bank’s steps are non-discriminatory, intending to enhance regulatory compliance by clients.

Standard Bank’s spokesperson was quoted saying the following:

Standard Bank is committed to treating its clients fairly and constantly strives to strike the appropriate balance between maintaining client relationships and ensuring regulatory compliance.

The spokesperson maintains that adequate risk management principles are put in place by the Standard Bank. The Standard Bank refers to the South African Reserve Bank and Intergovernmental Fintech Working Group’s crypto assets literature to have potentially fueled the termination notices decision.

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