Valr becomes the latest South African stock exchange that leaves the crypto-arbitrage market-Exchanges
Valr becomes the latest South African stock exchange that leaves the crypto-arbitrage market-Exchanges
The Valr crypto exchange has announced that it has closed her crypto-arbitrage service for new customers to meet the requirements of its bank partner. This announcement makes Valr the latest South African crypto exchange platform that closes its arbitrage business. Ovex was one of the first stock exchanges that announced their exit from the market.
Requirements for bank partners displace the stock exchange from the arbitrage market
The South African cryptocurrency exchange Valr will leave the crypto-arbitrage market on February 28 to meet the requirements of its bank partner, according to a report. The stock exchange also announced that it discontinued the offer of crypto-arbitrage for new customers on January 31.
With this announcement, Valr becomes the youngest South African cryptocurrency exchange, which leaves the crypto-arbitrage market in 2022. Ovex was one of the first stock exchanges to say that she would leave the crypto-arbitrage business after she was a target = "_ blank" href = "https://www.businesslive.co.za/bd/markets/2022-01-nativee-ovex--Volume-volume-straders-as-i TS-Crypto-Arbitrage Service/#: ~: Text = Ovex%20Imt%20decommission%20ITs%20Crypto, BE%20WithDrawn%20at%20any%20Point. " Rel = "noopener"> Explanation to inform its customers about the decommissioning on January 31st.While Ovex did not share its reasons for the exit, Valr is quoted in a MoneyWeb test report What indicates that partner requirements forced the stock exchange to make the decision. However, VALR insists that it will not affect other services from the Arbi -Tag market. The company said:
The decision to set our arbitrage service was made to meet some of our bank partners. No other Valr services are affected and their funds remain safe. You still have access to Africa's largest marketplace for crypto-assets with the opportunity to buy, sell and save over 60 cryptos on Valr.
banks are hostile to crypto-arbitrage dealers
This message was confirmed by the COO of the Stock Exchange, Gianluca Sacco, who suggested that Valr would now focus on its core business.
meanwhile ASIF Aziz said Chief Technology Officer from Libex-another crypto exchange that claims to have been put under pressure to set their arbitrage service-that the hostility of the banks could be one of the reasons for crypto arbitrage, why the stock exchanges give up.
"According to reports, banks have been hostile to crypto-arbitraga for some time, since they have obviously seen how customers buy large amounts of forex for export without paying attention to the return flow, since these crypto trades have been closed and profits attributed to SA," Aziz is cited.
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