AT
Andre T

1 reviews | Active since Nov 2020

20 Nov 2024, 12:36

No more EFTs to Crypto Exchanges...???!!!

Capitec has recently made the decision to stop EFTs to Crypto Exchanges, that used to be a Public Recipient actually before. I cannot understand this decision for a few reasons:

1) They say it is to protect the clients - but these are registered companies that have been verified & are also registered with SARS to provide any required info when needed. The transactions are not to a "crypto wallet" (like they call it - it is in fact a Standard Bank account of the Exchange & They will open a Wallet under the client's profile to allocate the payment to - just like Any Other company providing a service that is registered with SARS...

2) With the crypto industry starting to Literally Explode since Bitcoin has been registered with the SEC (Securities & Exchange Commission) to be able to "sell" ETFs (Exchange Traded Fund), just like Gold, Silver, etc. this is hardly the time to withdraw from a Basic service under the excuse of "protecting the client"... You are the Only bank that made this decision...

You Will lose clients because of this - we will just go to Any other bank to do this. Capitec had the reputation of being a leader in new innovations, but this is Not how you keep up that reputation...

How can Capitec be "held responsible" for clients making EFTs to registered companies...?

Question: Does Capitec take responsible for when a client gets ****med with purchases Online or Facebook Market Place...? (which I Know has got Much more ****mers & *****ulent activities than the Registered crypto exchanges like Valr, Luno, etc)

I would the answer would be "No"...

Anyway - I Really hope you guys can resolve this illogical reasoning.

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Replies (2)
Capitec Bank
Capitec Bank's reply20 Nov 2024, 13:24
Official
Good day Andre. Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day. Kind regards Capitec Bank

Best regards,

AT
Andre T's update11 Dec 2024, 14:08
Reviewer Update
Good day. Nobody has phoned me yet...