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South Africa Bank to terminate accounts of clients offering crypto arbitrage services
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ambcrypto.comA leading South African bank reportedly sent account termination notices to several crypto clients. As per the local media, Standard Bank served notices to providers of automated cryptocurrency arbitrage services.
The report noted that virtual currencies like Bitcoin trade at a higher price in South African exchanges compared to other locations. This is similar to the concept of “kimchi premium” seen in South Korea.
As per reports, Standard Bank’s actions “shook” the crypto industry in the country. This is because several businesses had been profiting from the said “price gap.”
However, it is noteworthy that not all businesses profited equally from arbitrage opportunities in the crypto space. Several factors including economies of scale and
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