First National Bank (FNB) of South Africa has launched cryptocurrency trading services for its customers through its existing investment platform. In partnership with the local exchange VALR, users can now purchase five digital assets starting from 10 rand.
- FNB customers can now trade five cryptocurrencies through existing stock products, with a minimum investment of just 10 rand.
- The new service supports Bitcoin, Ethereum, XRP, Solana, and USDT, with 24/7 trading available.
- FNB's cryptocurrency services are powered by VALR, which holds a South African Crypto Asset Services Provider license.
- Customers cannot deposit or withdraw cryptocurrency from FNB; all transactions are restricted within its ecosystem.
- As demand for these assets grows, FNB plans to offer more cryptocurrency investment options and educational materials.
FNB states that customers can buy and sell Bitcoin, Ethereum, XRP, Solana, and the USDT stablecoin through its stock trading platform. This service operates 24 hours a day, 7 days a week, rather than following regular stock market trading hours.
The bank is part of FirstRand, the second-largest banking group in South Africa by assets. FirstRand reported assets of approximately ZAR 2.7 trillion in its most recent reporting period.
FNB customers can buy cryptocurrency starting from 10 ZAR.
"Crypto Investing" has been added to FNB’s existing four products: Share Saver, Share Builder, Share Investor, and Share Zero.
Customers use funds from their FNB account to make purchases. With a minimum investment of 10 rand, existing investment customers can access crypto assets without needing to open a separate account on the exchange.
Sizwe Nxedlana, CEO of FNB and RMB Private Banking and Wealth Management, said 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 curated set of tokens."
The initial list of supported assets includes some of the largest cryptocurrencies by market capitalization. Bitcoin and Ethereum give customers access to the two largest cryptocurrency networks, while XRP and Solana offer two additional major assets. USDT provides access to a stablecoin designed to be pegged to the US dollar.
FNB has not announced when it will add more cryptocurrencies, nor has it specified which assets may be listed next.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the bank has observed significant customer interest in cryptocurrencies. He cautioned that investors need to understand the volatility and risks involved before trading.
Mkhize said, “This is just the beginning.” FNB plans to offer more investment options, along with educational materials in text, video, and audio formats.
VALR provides cryptocurrency trading services.
The South African exchange VALR provides the underlying cryptocurrency trading capabilities for FNB's new product.
The Financial Sector Conduct Authority of South Africa has authorized VALR as a licensed crypto-asset service provider, with Financial Services Provider number 53308. Its authorization includes investment advice, intermediary services, and investment management.
After cryptocurrency assets were brought under the financial products framework of the Financial Advisory and Intermediary Services Act, South Africa has incorporated cryptocurrency service providers into its financial licensing system.
According to the Financial Stability Assessment released by the South African Reserve Bank in June, the number of licensed crypto-asset service providers has reached 310 as of March 2026.
The South African Reserve Bank stated that USDT remains the most popular stablecoin for domestic trading. Over the year ending April 30, on-chain activity involving VALR, Luno, and AltCoinTrader amounted to nearly ZAR 27 billion.
VALR is also one of the early licensed major exchanges in South Africa. Previous coverage by crypto.news on South Africa’s crypto licensing framework noted that, as regulators brought the industry under formal financial services oversight, VALR was among the first exchanges to receive a license.
The customer is unable to withdraw tokens from FNB.
For customers who typically transfer cryptocurrencies between exchanges and private wallets, this FNB service comes with an important restriction.
Cryptocurrencies purchased through FNB cannot be transferred in or out of this platform. Therefore, customers cannot withdraw Bitcoin, Ethereum, or other supported assets to self-custody wallets, nor can they deposit cryptocurrencies held elsewhere.
FNB states that this service is "restricted within the FNB ecosystem" as part of its platform security, compliance, and South African foreign exchange control requirements.
This restriction means that the product primarily focuses on buying, holding, and selling cryptocurrencies as an investment tool through banking infrastructure. It does not provide on-chain transfer capabilities equivalent to those offered by standard exchange accounts that support cryptocurrency withdrawals.
South Africa is still studying how cross-border cryptocurrency transactions should operate under the updated capital flow rules.
In August, the South African Reserve Bank and the National Treasury released a draft Crypto-Asset Handbook covering cross-border activities. The proposal includes rules, reporting requirements, and licensing arrangements for certain international transactions targeting authorized crypto-asset service providers.
The public comment period ended on September 30. The Ministry of Finance and the Central Bank have not yet released the final version of the cryptocurrency guide.
Previously, crypto.news reported that, due to waiting for greater clarity on the proposed regulations, local crypto companies had at least paused planned transactions worth 2.2 billion rand.
South African banks are expanding their cryptocurrency services.
FNB is not the first South African major bank to allow its customers to access digital assets.
Discovery Bank previously launched cryptocurrency access services in partnership with Luno, allowing customers to link their bank and exchange accounts to purchase cryptocurrencies.
Absa has entered another segment of the market. According to crypto.news, Absa launched an institutional custody service in September using Ripple’s technology.
This service holds private keys for institutional clients such as asset management companies, non-bank financial institutions, and corporations. According to relevant reports, Bitcoin later became the largest asset托管 by the platform.
In contrast, FNB targets retail investment clients. Its services position cryptocurrencies alongside the bank’s existing stock products and allow customers to purchase them directly through their FNB accounts.
Business Day reported that over 6 million South Africans hold crypto assets, and by the end of 2025, domestic major platforms including Luno, VALR, and Ovex were holding assets exceeding R25 billion.
FNB has not set targets for the number of customers, transaction volume, or the amount of crypto assets under custody for this new product. Mkhize said the bank intends to expand the service over time while providing customers with more information about the risks of investing in cryptocurrencies.