FNB lets South Africans buy Bitcoin, crypto from R10

FNB has launched 24/7 crypto trading with VALR, letting customers buy BTC, ETH, XRP, SOL and USDT from R10 inside its platform.

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First National Bank (FNB) has launched cryptocurrency trading for South African customers through its existing investment platform, allowing users to buy five digital assets from R10 through a partnership with local exchange VALR.

Summary

• FNB customers can now trade five cryptocurrencies through existing share products starting from just R10.
• Bitcoin, Ether, XRP, Solana and USDT are available around the clock through the new service.
• VALR powers FNB’s crypto offering and holds a South African crypto asset service provider license.
• Customers cannot transfer crypto into or out of FNB, keeping all trading inside its ecosystem.
• FNB plans more crypto investment options and educational material as customer demand for assets grows.

FNB said customers can trade Bitcoin, Ether, XRP, Solana and Tether’s USDT stablecoin through its share-trading products. The service runs 24 hours a day, seven days a week, instead of following normal stock-market hours.

The bank forms part of FirstRand, South Africa’s second-largest banking group by assets. FirstRand reported roughly R2.7 trillion in assets in its latest reporting period.

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FNB customers can start buying crypto from R10

Crypto Investing has been added to four existing FNB products: Share Saver, Share Builder, Share Investor and Share Zero.

Customers use money held in their FNB accounts to fund purchases. The minimum investment is R10, giving existing investment customers access to crypto without opening a separate account directly with an exchange.

FNB and RMB Private Banking and Wealth Management CEO Sizwe Nxedlana said the bank introduced the service after receiving requests for more investment choices.

“FNB customers will now have access and exposure to crypto assets, with the ability to trade a set of curated coins,” Nxedlana said.

The initial list covers some of the largest crypto assets by market value. Bitcoin and Ether provide exposure to the two largest cryptocurrency networks, while XRP and Solana add two other major assets. USDT gives customers access to a stablecoin designed to track the U.S. dollar.

FNB has not announced when it will add more coins or which assets could come next.

Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the bank had seen considerable customer interest in crypto. He cautioned that investors need to understand the volatility and risks involved before trading.

“This is just a start,” Mkhize said. FNB plans to provide more investment choices as well as educational material in text, video and audio formats.

VALR provides the crypto trading service

South African exchange VALR provides the crypto capabilities behind FNB’s new product.

The Financial Sector Conduct Authority lists VALR as an authorized crypto asset service provider under Financial Services Provider number 53308. Its authorization covers advice, intermediary services and investment management.

South Africa brought crypto asset service providers into its financial licensing system after crypto assets were declared financial products under the Financial Advisory and Intermediary Services framework.

By March 2026, the number of licensed crypto asset service providers had reached 310, according to the South African Reserve Bank’s June Financial Stability Review.

The central bank reported that USDT remained the preferred stablecoin for domestic transactions. On-chain USDT activity involving VALR, Luno and AltCoinTrader reached nearly R27 billion during the year through April 30.

VALR itself was one of South Africa’s earlier large exchanges to secure authorization. In previous crypto.news coverage of South Africa’s crypto licensing framework, VALR was named among the first exchanges licensed as authorities brought the industry under formal financial-services oversight.

Customers cannot move their coins outside FNB

FNB’s service comes with an important restriction for customers who normally move cryptocurrency between exchanges and private wallets.

Crypto bought through FNB cannot be transferred into or out of the platform. Customers therefore cannot withdraw Bitcoin, Ether or the other supported assets to a self-custody wallet, nor can they deposit crypto they already hold elsewhere.

FNB said the service is “ringfenced within the FNB ecosystem” as part of its approach to platform security, compliance and South African exchange-control requirements.

The restriction makes the product focused on buying, holding and selling crypto as an investment through the bank’s infrastructure. It does not provide customers with the same ability to send coins onchain that they would have through a standard exchange account supporting cryptocurrency withdrawals.

South Africa is still working on how cross-border cryptocurrency transactions should operate under its updated capital-flow rules.

The South African Reserve Bank and National Treasury published a draft Crypto Assets Manual in August covering cross-border activity. The proposal includes rules for authorized crypto service providers, reporting requirements and permissions for certain international transactions.

Public comments closed Sept. 30. National Treasury and the Reserve Bank have not yet published a final version of the crypto manual.

In related crypto.news coverage of South Africa’s proposed exchange-control changes, local crypto companies had paused at least R2.2 billion worth of planned transactions while waiting for more certainty around the proposed rules.

South African banks are adding more crypto services

FNB is not the first large South African bank to connect customers with digital assets.

Discovery Bank introduced crypto access through a partnership with Luno, letting customers connect their bank and exchange accounts for cryptocurrency purchases.

Absa has moved into a different part of the market. In crypto.news coverage of Absa’s digital asset custody launch, the bank introduced institutional custody in September using Ripple’s technology.

The service holds private keys for institutions including asset managers, non-bank financial companies and corporate clients. Bitcoin later became the largest asset held through the platform, according to related coverage of Absa’s Bitcoin custody business.

FNB is targeting retail investment customers instead. Its service places crypto alongside the bank’s existing share products and allows purchases directly from an FNB account.

Business Day reported that more than 6 million South Africans hold crypto assets, while holdings under custody at major domestic platforms including Luno, VALR and Ovex had exceeded R25 billion by late 2025.

FNB has not provided a target for customer numbers, trading volume or crypto assets held through the new product. Mkhize said the bank intends to expand the service over time while providing customers with more information about the risks involved in cryptocurrency investing.

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