Crypto Exchange VALR Obtains South African License

On Monday, VALR, a cryptocurrency exchange based in South Africa, revealed that they have secured authorization from the nation’s financial regulatory body.

VALR, a crypto firm backed by Pantera, was approved by South Africa’s Financial Sector Conduct Authority (FSCA) in March 2022 with an estimated value of $240 million. Recently, Luno exchange platform and Zignaly, a crypto social investment platform, also disclosed they had acquired FSCA licenses.

In 2023, the Financial Sector Conduct Authority (FSCA) started accepting applications for licenses as part of an expansion of its regulatory role in South Africa, which now includes overseeing cryptocurrencies following the country’s approval of relevant legislation.

Valr, based in Johannesburg, announced that they have received both Category I and Category II licenses from the Financial Sector Conduct Authority (FSCA) permitting them to operate as a crypto asset service provider (CASP).

“VALR has reached a significant accomplishment by obtaining the CASP license from the FSCA, according to Farzam Ehsani, the co-founder and CEO of VALR. In a press release, he expressed his gratitude for this regulatory achievement in South Africa and commended the regulators for their crucial advancement for the country.”

VALR boasts of catering to over 1000 corporations and institutions, as well as more than 500,000 individual crypto traders on a global scale.