Valr Becomes Latest South African Exchange to Exit Crypto Arbitrage Market
Crypto exchange Valr has announced it has closed its crypto arbitrage service to new customers in order to comply with the requirements of its banking partner. This announcement makes Valr the latest South African crypto exchange platform to close its arbitrage business. Ovex was one of the first exchanges to announce its exit from the market. Banking Partner Requirements Push Exchange out of Arbitrage Market The South African cryptocurrency exchange, Valr, will be exiting the crypto arbitrage market on February 28 in order to comply with its banking partner’s....
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South African cryptocurrency exchange Valr announced recently that it has raised $50 million in a Series B round led by Pantera Capital. The capital raise means Valr is now valued at a reported $240 million.
Funds Raised to Finance Valr’s Expansion Into Other Markets
The South African cryptocurrency exchange, Valr, recently announced that it raised $50 million in a Series B funding round. The round was led by Pantera Capital, while Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR and Third Prime also took part.
According to a....
The South African crypto exchange plans to expand its operation across more African countries and even into India with the new cash injection from major crypto VCs. South African crypto exchange VALR has raised $50 million in a Series B equity funding round, marking the largest-ever funding for an African crypto exchange.With this latest round of funding, VALR’s valuation has increased to $240 million, a 10X in growth since it raised its $3.4 million in a Series A round in July 2020. This round was led by VC Pantera Capital, Alameda Research, Coinbase Ventures, and several others. VALR....
Three leading cryptocurrency exchanges from South Africa recently confirmed receiving a request for client data from the country’s revenue collector. In a joint statement, the exchanges, (namely Altcointrader, Luno, and Valr) said this request, which targets a “selection of customers”, has been made “in terms of section 46 of the (South African) Tax Administration Act.” Data Needed for Future Action Explaining the tax collector’s move to access crypto traders’ personal information, the statement says the South African Revenue Service (SARS) wants....
Industry insiders believe South Africa's move to classify cryptocurrencies as financial products could drive the adoption and legitimacy of the sector. South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory amendments in the country.This comes after South Africa’s Financial Sector Conduct Authority amended its financial advisory act from 2002 on Oct. 19, defining crypto assets in the country as financial products. Most importantly, the definition means that cryptocurrencies can now be offered by financial....
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders are now forced to make a new application each they need to place an order. In addition, this change also effectively rules out daily arbitrage trades. Loophole Plugged As the publication Moneyweb’s report explains, some South African crypto traders have been known to “profit from....