Kraken's financial partner stopped taking deposits from residents of South Africa – Bits Media

Financial partner of the Kraken cryptocurrency exchange, Bank FRICK, stopped taking deposits from residents of South Africa. This is reported by the local edition of MoneyWeb.

The measure may be associated with that, that in February of this year, South Africa fell on the “black list” of the group development group Control measures for money laundering (FATF) Due to the inconsistency of international standards in the field of money laundering and financing terrorism.

Representatives of Kraken noted, that although Frick has stopped processing payments, Customers in the country can use etana, Another partner of the crypto -tank, to pay funds to your accounts. Co -founder of the Arbitration Company Doya Kyle Daui (Kyle will find out) considers, that Kraken's decision shocked the market.

“Many arbitration suppliers use Kraken as their offshore exchange. Because of this decision, many companies cannot trade. The market prize has increased significantly as a result of a reduction in arbitration trade. We expect, that Kraken will announce a new banking partner somewhere in the next few weeks or months, But the exact dates are still unknown ", He said.

Earlier this year Circle, stablecoin issuer USDC, also stopped receiving payments from South Africa. Local suppliers of crypto boards were able to find alternative options, which allowed them to continue trade.

Recently the Office for Supervision in the Financial Sector (Fsca) South Africa declared, that will oblige cryptocurrency exchanges to receive licenses to work in the country until the end of this year. FSCA received around 20 applications since the start of the issuance of licenses a few weeks ago, and until the deadline - 30 November - expected even more.

In April, the financial intelligence center of South Africa (FIC) created a special division of forensic examination to help law enforcement agencies in the investigation of financial crimes, including in the field of blockchain and digital assets.