Capitec Crypto Exchange Update
As an updated security measure, Capitec has revised its policies on EFT and immediate payments to crypto wallets.
As an updated security measure, Capitec has revised its policies on EFT and immediate payments to crypto wallets.
Capitec has suspended EFT and immediate payments to all crypto wallets in a step towards protecting clients against fraud. Instead, Capitec has prioritised Capitec Pay as a more secure payment method to fund these wallets.
The industry has seen a significant increase in fraud and investment schemes that use Crypto wallets to hide the illegal gains from nefarious activities. To protect our clients and support national efforts to curtail fraud and money laundering, we have prioritised Capitec Pay as a more secure payment method to fund these wallets.
At this stage, we have suspended EFT payments to all crypto wallets, and are actively working to implement alternative payment methods. We understand that this is inconvenient for clients who wish to make legitimate trades through crypto wallets, but our unwavering priority remains the security of our clients' information and funds.
Please see the table below for more information on our updated payment options on the crypto exchanges.
Exchange | Capitec Pay | Capitec Debit and Credit Card |
Ovex | No | Yes |
Valr | No | Yes |
AltCoinTrader | Yes | No |
Luno* | Yes | Yes |
Capitec Pay uses a verified ID process to ensure that clients are properly identified within the Capitec App when making payments. This process matches the client’s ID with that of the crypto wallet holder. Additionally, we conduct ongoing due diligence and monitoring of Capitec Pay merchants and transfer values to ensure that merchants are reputable and that payments fall within normal thresholds.
For more information, visit the Capitec Pay page.