Johannesburg, South Africa (19 November 2019) — We confirm that FNB has communicated to us its decision to discontinue the provision of banking services to the entire cryptocurrency industry, including all exchanges as well as other entities dealing or trading in cryptocurrency. Our FNB banking facilities currently remain operational, and we are in discussions with FNB about the exact date of termination. We will communicate this date to our customers in advance to ensure a seamless transition to our other banking partners, some of whom are already enabled on the VALR platform.
We are encouraged by our discussions with South African regulators and other South African banks that FNB's decision remains an isolated case. We welcome the positive reception we have received from other South African financial institutions that have banked us and have recognized our significant investment and commitment to complying with local and international guidelines, regulations and laws.
We are hopeful that future regulatory clarity will cause FNB to revise its decision, particularly in light of the increasingly favourable regulatory environment for the cryptocurrency industry that is emerging both in South Africa and abroad.
We remain firm in our belief that cryptocurrencies have the potential to dramatically improve our financial system and we will continue with our goal in helping to build a financial system that recognizes the oneness of humanity.