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SARB vs Kastelo: R4 Billion in Alleged Crypto Violations and a Regulatory Warning for All of Africa
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SARB vs Kastelo: R4 Billion in Alleged Crypto Violations and a Regulatory Warning for All of Africa
South Africa’s Reserve Bank has frozen the bank accounts of Kastelo, a Cape Town-based crypto arbitrage fintech, over alleged exchange-control contraventions involving approximately R4 billion, roughly $246 million. The Johannesburg High Court has twice refused to lift the freeze. And the case is now doing something that goes well beyond a single company’s legal troubles: it is forcing a continent-wide conversation about where crypto innovation …
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