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Why did FNB close down Luno and Ice3x accounts?

JamesYellen

By JamesYellen
in Bitcoin BTC

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JamesYellen

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I saw an interesting tweet from Simon Dingle saying it has to do with pressure from JP Morgan Chase.

 

Here is the tweet: 

 

Surprising that this hasn't been reported on, but the real reason @FNBSA is closing down cryptocurrency exchange accounts is simple: because JP Morgan told them to. This has nothing to do with AML, and everything to do with anti-competitive moves by a US bank.

 

FNB is a JP Morgan corresponding bank and JP Morgan has its own blockchain projects. They have a stance against true, decentralised cryptocurrencies like Bitcoin and, like American Express spreading lies about Bitcoin's energy usage, JPM is playing dirty by closing down on-ramps.

 

This isn't just my opinion. I hope journalists pick up on the real story and confirm it for themselves. This also has nothing to do with the South African Reserve Bank, or the other banks in the country. Just one lapdog doing as its told, and being disingenuous about it.

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