South Africa's central bank, SAReserveBank, warns local financial institutions against the 'wholesale' banning of clients with ties to crypto, says it's OK for banks to interact with funds linked to digital assets. By iamsandali
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 blocked 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.
"Risk assessment does not necessarily imply that institutions should seek to avoid risk entirely," the SARB said.
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