South Africa’s Monetary Authority Greenlights Banks to Serve Crypto Clients

The guidance was released after some local banks previously moved to shut down accounts tied to crypto exchanges, citing exposures to risk. In the published document, the SARB said it was aware that certain banks in the country have opted to block clients with links to crypto. It added that, although thorough risk assessment is necessary, the “wholesale termination of client relationships” poses a threat to financial integrity.