FNB just launched crypto trading in South Africa, but there's a catch—you can't move your coins off their platform. Classic walled garden move.
This screams regulatory pressure. Banks want the crypto revenue but won't touch self-custody with a 10-foot pole. The real question: are regulators treating genuine cross-border flows the same as someone moving $BTC between their own wallets?
If South African banks can't figure out the difference, we're stuck with fake crypto products that defeat the entire point of decentralization. You don't own it if you can't withdraw it.
Mainstream adoption means nothing if it comes with training wheels that never come off.
This screams regulatory pressure. Banks want the crypto revenue but won't touch self-custody with a 10-foot pole. The real question: are regulators treating genuine cross-border flows the same as someone moving $BTC between their own wallets?
If South African banks can't figure out the difference, we're stuck with fake crypto products that defeat the entire point of decentralization. You don't own it if you can't withdraw it.
Mainstream adoption means nothing if it comes with training wheels that never come off.