Capitec's crypto crackdown

Daniel Puchert

Daniel Puchert

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Capitec cracks down on crypto

Capitec has blocked customers from funding cryptocurrency exchange accounts using regular EFTs and is aggressively pushing its Capitec Pay platform instead. Similar bans could be on the cards for sports betting sites.

This latest change comes after Capitec banned transfers to crypto wallets and exchanges from its smartphone app and business web interface last week.
 
"The bank also said the change was an anti-fraud and consumer protection measure.*

Sure it is when has the bank been proactive in stopping fraud, more to do with promoting their own platform and keeping track of your moves.

Probably to keep the government happy so they can claim any due taxes.
 
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Will just use an alternative... bank!

I used to defend Capitec when they raised prices as they were still cheaper than it would have been before they introduced cheaper accounts. Then they started introducing fees on things they already got a commission for like airtime and electricity. Now this crap. They've stopped growing and are now scraping the barrel to keep shareholders happy. Not a bank I would invest in. There's also no indication Capitec Pay is any more secure and I indeed avoid it where I see it.
 
wingnut771 said:
Just open Std Bank account then EFT money there first then to Luno. Then close capitec account.
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That's fine until they all start doing it. They want to protect their business by hiding behind made up fraud.

In fairness these exchanges do require the same level of regulation that ordinary exchanges are subjected to, but that's not up to a commercial bank to decide...
 
Swa said:
Will just use an alternative... bank!

I used to defend Capitec when they raised prices as they were still cheaper than it would have been before they introduced cheaper accounts. Then they started introducing fees on things they already got a commission for like airtime and electricity. Now this crap. They've stopped growing and are now scraping the barrel to keep shareholders happy. Not a bank I would invest in. There's also no indication Capitec Pay is any more secure and I indeed avoid it where I see it.
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Yeah. Time to move. R10 for any atm withdrawal below R1000 is daylight robbery. No use in charging R5 per month when their transaction fees are that astronomical. But ffs, who is less sht?
 
Mike Hoxbig said:
That's fine until they all start doing it. They want to protect their business by hiding behind made up fraud.

In fairness these exchanges do require the same level of regulation that ordinary exchanges are subjected to, but that's not up to a commercial bank to decide...
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The claimed reasons make no sense. They are actively blocking transfers to verified safe entities and not passively only allowing transfers to verified entities.
 
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