Binance launches ZAR deposits - but there's a catch

Randux said:
Does VALR charge a deposit fee?
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almost ALL crypto exchanges charge deposit fees especially where they need to pay a provider e.g. Stitch in this case or Credit card deposits at VALR

for a normal bank transfer most exchanges should not charge a fee given that you pay that fee directly to your own bank when you do the transfer and there is no fee for the crypto exchange to recover
 
Let's ignore the risk of having your banking details linked for EFT for a second, rather - once I have bought through Binance I'm still stuck with SA-based bitcoins for SARB regulations? I'd rather they dealt with exchange control so I can actually have offshore BTC...
 
hj007 said:
Let's ignore the risk of having your banking details linked for EFT for a second, rather - once I have bought through Binance I'm still stuck with SA-based bitcoins for SARB regulations? I'd rather they dealt with exchange control so I can actually have offshore BTC...
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The regulations surely only matter when you cash out so you're sending letters to SARS either way. Afaik it's only Luno with weird withdrawal restrictions anyway - the BTC I buy on VALR I can send anywhere.
 
Comment from Stitch:

"We don’t share usernames and passwords with anyone," a spokesperson told MyBroadband.

"All user details are stored in a secure, encrypted vault hosted by Microsoft Azure."

Stitch explained that it, and the websites that use its service, only hold a randomly-generated token containing the username and password.

"When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them," it stated.

"We also conduct regular penetration tests using external, CREST-certified vendors to ensure that our systems follow the strongest security practices available and that they’re protected against attackers."
 
hj007 said:
Let's ignore the risk of having your banking details linked for EFT for a second, rather - once I have bought through Binance I'm still stuck with SA-based bitcoins for SARB regulations? I'd rather they dealt with exchange control so I can actually have offshore BTC...
Click to expand...
+1. You've got to be a moron to accept a deal like this:
To link your bank account, Binance redirects you to Stitch’s domain, where you are required to provide your online banking username and password.
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Lol.
 
Jan said:
Comment from Stitch:

"We don’t share usernames and passwords with anyone," a spokesperson told MyBroadband.

"All user details are stored in a secure, encrypted vault hosted by Microsoft Azure."

Stitch explained that it, and the websites that use its service, only hold a randomly-generated token containing the username and password.

"When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them," it stated.

"We also conduct regular penetration tests using external, CREST-certified vendors to ensure that our systems follow the strongest security practices available and that they’re protected against attackers."
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It's all irrelevant imo. Handing over the login details to the single vault that holds all your money is dumb however they want to spin it. Only way this makes any sense is to open an account with bank zero etc. to use strictly for this.
 
Jan said:
Comment from Stitch:

"We don’t share usernames and passwords with anyone," a spokesperson told MyBroadband.

"All user details are stored in a secure, encrypted vault hosted by Microsoft Azure."

Stitch explained that it, and the websites that use its service, only hold a randomly-generated token containing the username and password.

"When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them," it stated.

"We also conduct regular penetration tests using external, CREST-certified vendors to ensure that our systems follow the strongest security practices available and that they’re protected against attackers."
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Isn't that what all the others that were hacked said?
 
saor said:
The regulations surely only matter when you cash out so you're sending letters to SARS either way. Afaik it's only Luno with weird withdrawal restrictions anyway - the BTC I buy on VALR I can send anywhere.
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Nope, SARB/Finsurv said that transferring crypto "offshore" (including DeFi smart contracts) constitutes a criminal offence under the Currency and Exchanges Act of 1933.

It's dumb and they'll never enforce it. Probably.

To answer @hj007's question - I don't know for sure. It *seems* like your money is flowing offshore via Stitch, so no restrictions. Probably.
 
saor said:
the BTC I buy on VALR I can send anywhere.
Click to expand...
exact same thing on Luno

the "weird withdrawal restrictions" they have can affect the daily amount you withdraw, not the destination

saor said:
It's all irrelevant imo. Handing over the login details to the single vault that holds all your money is dumb however they want to spin it. Only way this makes any sense is to open an account with bank zero etc. to use strictly for this.
Click to expand...
problem is that is how all instant EFT options by third party providers work in ZA

whether it is Ozow/PayU/Stitch/Payfast ... at some point you have to log into your internet banking via their screens and those login details get exposed, hence warnings like this:
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NarrowBandFtw said:
problem is that is how all instant EFT options by third party providers work in ZA

whether it is Ozow/PayU/Stitch/Payfast ... at some point you have to log into your internet banking via their screens and those login details get exposed, hence warnings like this:
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Ja I can't believe people actually use this (or that it's even legal) given how easy it is to get a card linked to almost any account.
 
saor said:
Ja I can't believe people actually use this given how easy it is to get a card linked to almost any account.
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card support for local exchanges took a long while to become reality, local banks were the bottleneck there

but 100% agreed, personally I don't like, trust, or use instant EFT
 
Jan said:
Nope, SARB/Finsurv said that transferring crypto "offshore" (including DeFi smart contracts) constitutes a criminal offence under the Currency and Exchanges Act of 1933.

It's dumb and they'll never enforce it. Probably.

To answer @hj007's question - I don't know for sure. It *seems* like your money is flowing offshore via Stitch, so no restrictions. Probably.
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If that is the case would be great... I doubt it though unless they present you with the SDA agreement forms?

Otherwise we're just back to where we were using credit cards to buy offshore and all those banking issues again.

Would be great to know if this is another local competitor to Luno&VALR or simplifies the current process of offshoring cash before buying on offshore exchanges.
 
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