Binance - FNB Account

[CVRChameleon]

I have tried to deposit ZAR into Binance from my FNB Bank Account but it gets declined.

Can we use FNB to deposit?

I have checked alternative deposit options (simplex) - not sure they work, but just looking at the amount of USDT for example you gget less its very expensive.

Also, is there a minimum / maximum amount that you can deposit?

What are the cheapest options to purchase on Binance. Local exchanges only seem to list XRP / ETH -- but most are at a premium price. Trying to trade on Binance because there are altcoins not available locally.

 

[saor]

Else fund a local exchange account, buy crypto here and send it to Binance to trade altcoins. Yeah, it's costly, but you take the hit once and you'll probably make it back after a bit of trading anyway. FNB aren't best crypto friends so not surprising if direct deposits to Binance are fiddly...have never tried it.

 

[CVRChameleon]

Else fund a local exchange account, buy crypto here and send it to Binance to trade altcoins. Yeah, it's costly, but you take the hit once and you'll probably make it back after a bit of trading anyway. FNB aren't best crypto friends so not surprising if direct deposits to Binance are fiddly...have never tried it.

Yes that is what I am currently doing to the other exchange (Kucoin) because their trading fees are also very low. I only managed to verify recently on Binance, so disappointing to see I can't deposit ZAR directly there. Hopefully someone has more info.

You mention FNB 'aren't best crypto friends'... are they really hostile against crypto?

 

[backstreetboy]

Move to a better bank.

 

[Snyper564]

Yes that is what I am currently doing to the other exchange (Kucoin) because their trading fees are also very low. I only managed to verify recently on Binance, so disappointing to see I can't deposit ZAR directly there. Hopefully someone has more info.

You mention FNB 'aren't best crypto friends'... are they really hostile against crypto?

Hostile? If you consider shutting bank accounts with no warning for crypto transactions... Well then they are hostile...

Speaking from personal experience

 

[Filosofer]

You can use your FNB credit card to buy crypto directly on binance.

 

[Snyper564]

Why did you close the account with no warning?

This was their response...


1) We address this letter to you consequent to email dated xxxx following the termination of
the banking relationship held by you with First National Bank Ltd (“the Bank”).

2) We do not intend to deal with each, and every issue raised in your communications and our failure to
do so should not be construed as an admission of the correctness thereof. Our rights to deal with each,
if it becomes necessary in the future, are expressly reserved.

3) It is evident from your complaint that you continue to labour under the misapprehension that the Bank
is legally obliged to provide you with reasons for its decision to close the bank accounts referred to in
our termination notice. In this regard we wish to once again advise as follows:
a. As a commercial bank the Bank’s relationship with its customeris not governed by administrative law in
terms whereof there is a duty to provide reasons, but by the private law of contract.
b. The Bank therefore has a contractual right to elect not to provide certain products or service offerings
to a specific client, which decision is based on discretion.
c. In exercising such contractual right the Bank is permitted to, in relation to its products and/or service
offerings, choose its clients, identify risks that clients expose it to and determine whether in the light of
such risks, it will continue to or extend new service offerings to such clients or it may elect to terminate
its relationship with such client.
d. In this instance the Bank viewed the risk that would be introduced as a result of a continued banking
relationship with you to be outside of its risk appetite.
e. In this regard we refer you to the case of Bredenkamp v Standard Bank of South Africa Limited 2010 (4)
SA 468 (SCA), which was endorsed by the Constitutional Court when it dismissed Mr Bredenkamp’s
application for leave to appeal to it. We trust that this settles the matter.

 

[CVRChameleon]

We do not intend to deal with each, and every issue raised in your communications and our failure to
do so should not be construed as an admission of the correctness thereof. Our rights to deal with each,
if it becomes necessary in the future, are expressly reserved

Geez that sounds a bit rude from them. Sorry to see this happened @Snyper564

You can use your FNB credit card to buy crypto directly on binance.

Ok will try my other FNB credit card, I just tried one card using that feature.

Move to a better bank.

Lol, define better bank in South Africa....