First National Bank of South Africa ( FNB ) has launched cryptocurrency trading services for South African customers through its existing investment platform. By collaborating with the local exchange VALR, users can now buy five digital assets starting from 10 Rand.
- FNB Customers can now trade five cryptocurrencies through existing stock-based products, with a minimum investment of just 10 Rand.
- The new service supports Bitcoin, Ethereum, XRP, Solana, and USDT, and allows for 24/7 trading.
- The encryption services provided by FNB are supported by VALR, which holds a license as a South African cryptocurrency asset service provider.
- Customers are not able to transfer cryptocurrencies in or out of FNB; all transactions are limited to within its ecosystem.
- As demand for such assets grows among customers, FNB plans to offer more crypto investment options and educational materials.
FNB indicates that customers can buy and sell Bitcoin, Ethereum, XRP, Solana, as well as the USDT stablecoins of Tether through their stock trading products. This service operates 24 hours a day, 7 days a week, rather than following the regular stock market trading hours.
The bank is affiliated with FirstRand. In terms of asset size, FirstRand is the second-largest banking group in South Africa. FirstRand disclosed an asset size of approximately 2.7 trillion rand in its most recent reporting period.
FNB Customers can buy cryptocurrencies starting from 10 rand.
“Crypto Investing” has been added to the four existing products of FNB: Share Saver, Share Builder, Share Investor, and Share Zero.
Customers use the funds in their FNB accounts to make purchases. The minimum investment amount is 10 Rand, which allows existing investors to access crypto assets without having to open a separate account directly with the exchange.
FNB and RMB Private Banking, and, Wealth Management Chief Executives, and Sizwe Nxedlana stated that the bank launched this service in response to customer requests for more investment options.
Nxedlana said: " FNB customers will now be able to access and configure crypto assets, and trade a selection of screened tokens."
The first batch of listed assets includes some of the largest cryptocurrencies based on market capitalization. Bitcoin and Ethereum allow customers to access the two largest cryptocurrency networks, while XRP and Solana offer two other major assets. USDT enables customers to access a stablecoin designed to be pegged to the US dollar.
FNB has not yet announced when more currencies will be added, nor has it specified which assets may be launched next.
FNB Wealth and Asset Management The Chief Executive Officer Bheki Mkhize stated that banks have observed a significant interest from customers in cryptocurrencies. He reminded that investors need to be aware of the volatility and risks involved before making transactions.
Mkhize said, "This is just the beginning." FNB plans to offer more investment options, as well as educational materials in text, video, and audio formats.
VALR provides encrypted trading services
The South African exchange VALR provides the underlying encrypted trading capability for this new product, FNB.
The Financial Services Regulatory Authority of South Africa ( Financial Sector Conduct Authority ) has listed VALR as an authorized crypto asset service provider, with the financial services provider number 53308. Its authorization scope includes investment advice, intermediary services, and investment management.
After crypto assets were incorporated into financial products under the framework of "Financial Advisory and Intermediary Services," South Africa has included crypto asset service providers in its financial licensing system.
According to the Financial Stability Assessment released by the South African Reserve Bank in June, as of March 2026, the number of licensed crypto asset service providers had reached 310.
The South African Central Bank stated that USDT remains the most popular stablecoin in domestic transactions. Over the year ending April 30th, the scale of blockchain activities involving VALR, Luno, and AltCoinTrader amounted to nearly 27 billion Rand.
VALR itself is also one of the larger exchanges in South Africa that were among the first to obtain authorization. Previous reports on South Africa's cryptocurrency licensing framework mentioned that, as regulatory authorities brought the industry under formal financial services regulation, VALR was one of the first exchanges to receive a license.
Customers are unable to transfer tokens out of FNB.
For customers who typically transfer cryptocurrencies between exchanges and private wallets, the service FNB comes with an important limitation.
Cryptocurrencies purchased through FNB cannot be transferred in or out of this platform. Therefore, customers are unable to withdraw Bitcoin, Ethereum, or other supported assets to their self-hosted wallets, nor can they top up their accounts with cryptocurrencies they hold elsewhere.
FNB indicates that, as part of the platform's security, compliance, and South African foreign exchange control requirements, this service is 'restricted within the FNB ecosystem'.
This restriction means that the product primarily focuses on buying, holding, and selling cryptocurrencies through banking infrastructure as an investment tool. It does not provide the same on-chain transfer capabilities as standard exchange accounts that support cryptocurrency withdrawals.
South Africa is still studying how cross-border cryptocurrency transactions should operate under the updated capital flow regulations.
In August, the South African Reserve Bank and the National Treasury released a draft "Cryptocurrency Assets Handbook" that covers cross-border activities. The proposal includes rules for authorized cryptocurrency service providers, reporting requirements, as well as licensing arrangements for certain international transactions.
The public opinion collection ended on September 30th. The National Finance Ministry and the Reserve Bank have not yet released the final version of this encryption manual.
crypto.news Previous reports regarding South Africa's proposed foreign exchange control adjustments mentioned that, in anticipation of greater clarity from the proposed regulations, local crypto companies have at least suspended transactions valued at 2.2 billion兰特.
South African banks are adding more cryptocurrency services
FNB is not the first large South African bank to expose its customers to digital assets.
Discovery Bank previously launched an encryption access service in collaboration with Luno, allowing customers to connect their bank accounts and exchange accounts to purchase cryptocurrencies.
Absa then entered another segment of the market. According to a report by crypto.news regarding Absa launching a digital asset custody service, the bank introduced an institutional-oriented custody service in September, leveraging the technology of Ripple.
This service manages private keys for institutional clients such as asset management companies, non-bank financial firms, and enterprises. According to relevant reports, Bitcoin later became the largest asset managed by this platform.
In contrast, FNB targets retail investment customers. Its services position cryptocurrencies alongside the bank's existing stock products and allow customers to purchase them directly through the FNB account.
According to a report from Business Day, over 6 million South Africans hold crypto assets, and by the end of 2025, the total assets managed by major domestic platforms, including Luno, VALR, and Ovex, will have exceeded 25 billion Rand.
FNB has not yet set targets for the number of customers, trading volume, or the scale of managed crypto assets for this new product. Mkhize indicates that the bank intends to expand this service over time, while also providing customers with more information regarding the investment risks of cryptocurrencies.
