International Bitcoin regulations with SA

[Sir Peel-a-Lot]

Does anyone who has a keen eye on international crypto (Bitcoin) regulations know if anything has changed in the last few months with regards to South African residents holding BTC with UK companies? I'm not too savvy with this, have some BTC, but it's just sitting in a wallet, I don't trade or anything.

Got a strange (very short) email this week from the company in the UK where my Bitcoin is held saying that as of 9th Feb (yes, less than a week's notice, which I find strange) they will be closing my account as they no longer support South African residents, and I will need to withdraw my balance or lose it.

This is a reputable company as far as crypto goes, they have a physical address in London blah blah blah, and the email appears to be from their URL. I've emailed them, still waiting for a response, but just wondered if I'd missed something with regards to these international regulations changing.

 

[Bliksis]

What's the name of the company?

 

[Sir Peel-a-Lot]

What's the name of the company?

Coincorner.

 

[Sir Peel-a-Lot]

All good and resolved, thanks for your response @Bliksis

 

[CryptosEra]

Does anyone who has a keen eye on international crypto (Bitcoin) regulations know if anything has changed in the last few months with regards to South African residents holding BTC with UK companies? I'm not too savvy with this, have some BTC, but it's just sitting in a wallet, I don't trade or anything.

Got a strange (very short) email this week from the company in the UK where my Bitcoin is held saying that as of 9th Feb (yes, less than a week's notice, which I find strange) they will be closing my account as they no longer support South African residents, and I will need to withdraw my balance or lose it.

This is a reputable company as far as crypto goes, they have a physical address in London blah blah blah, and the email appears to be from their URL. I've emailed them, still waiting for a response, but just wondered if I'd missed something with regards to these international regulations changing.

i'm glad your issue is resolved.
seems you are in bitcoin for the long haul. so i hope you dont mind the unsolicited advice

i never heard of coincorner before, but I doubt they offer any type of refund guarantee for your assets.
also i am aware self custody and dealing with private keys and cold wallets are scary.
but holding bitcoin with a company that has offices and paying them a fee on top is antithetical to bitcoin itself!
No judgement here; since there may be tax obligations or other financial constraints involved

/
i. Learning about self custody takes a weekend max.
ii. hardware wallets are cheaper than custody fees
iii. Mt Gox/ QuadrigaCX/ BlockFi... were reputable top10 companies with head office; they all went bankrupt. each for a different reason
iv. not your keys, not your coins

 

[Sir Peel-a-Lot]

...but I doubt they offer any type of refund guarantee for your assets.

No, they don't, which is why I transferred everything to a BTC interest-earning savings account. Thanks for the info.

 

[Sir Peel-a-Lot]

Just wanted to leave this reply from a CoinCorner agent here for anyone else who might find it useful.

"South Africa has recently come out and enforced that, to provide exchange services to residents of South Africa, exchanges needs to be registered with the FSCA and have a physical presence in the country itself."

 

[Bliksis]

All good and resolved, thanks for your response @Bliksis

I didn't do anything, but I'll take the thanks haha