Binance may be unlucky as South Africa -based Absa Bank has blocked its clients from making transactions via a notification: "Temporary locking is activated for online purchases for credit cards ending in ****."
Absa explained that the ban was effective from Friday and the action taken was because Binance was found not to comply with the rules.
Meanwhile, Binance revealed that not only did Absa Bank act in this way, but also involved the entire industry in the country. In fact, it is not only them who received that fate but also several other digital currency firms.
What prompted them to act decisively was a follow -up to a statement by TSB Bank in the United Kingdom (UK) that Binance had weak security features, allowing for fraudulent activity.
In the period between March 15 and April 15, TSB received 849 complaints related to Binance. TSB tried to contact Binance to resolve the issue but they failed to cooperate.
Binance denied the allegations: "These restrictions may have something to do with rules laid down by the Reserve Bank of South Africa and foreign exchange regulations."
South Africa is seen to want to be more careful. Where not, recently a crypto company, Africrypt claimed $ 4 billion in crypto investment proceeds had been stolen. The firm then requested that no complaints be made as it would make the situation difficult for them to recover the funds.
Not enough of that, another Bitcoin scam in the country was carried out by Mirror Trading International, involving hundreds of millions of dollars from local and international investors.
