First National Bank has launched cryptocurrency trading on its share trading platform, in partnership with local crypto exchange VALR – but customers will not be able to move their coins off it.
Clients can trade five crypto assets – bitcoin, ether, XRP, solana and Tether’s dollar-pegged USDT stablecoin – from as little as R10, the bank said on Tuesday. The assets are available across FNB’s existing share trading products: Share Saver, Share Builder, Share Investor and Share Zero.
Trading is “ringfenced within the FNB ecosystem”, and crypto assets cannot be transferred in or out, FNB said, citing platform security and “a more conservative approach to compliance and exchange control laws”.
Purchases are funded from clients’ FNB accounts. That means clients cannot withdraw coins to their own wallets or another exchange, or bring in crypto they already hold.
It is a different model from Discovery Bank’s. Discovery announced last November that it would offer crypto trading in its app through Luno, with clients linking or opening a Luno account and moving money between it and their bank account.
Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, said the bank had responded to client requests for alternative investments. “Crypto as an asset class offers that diversity,” he said.
‘Activity and interest’
Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the bank had seen “a lot of activity and interest” in crypto among its clients, but that the asset class carries risks. “We want to ensure that clients understand what they are buying, investing in, the volatility, and have tools to manage their trading activities,” he said. FNB plans to add more crypto options and educational content over time.
The launch comes as South Africa’s crypto industry fights draft cross-border rules from national treasury and the Reserve Bank. Local platforms, including VALR, have opposed the draft, and Luno argued this week that it may clash with South Africa’s International Monetary Fund commitments. – © 2026 NewsCentral Media
