The South African Reserve Bank (SARB) has issued a notice of forfeiture against Silver Tiger Trade for over R5 million in assets held at Standard Bank and crypto exchange Ovex. This is believed to be the first time the central bank has targeted a crypto exchange under exchange control regulations.
A precedent was set earlier this year when the Reserve Bank went after the assets of the late Markus Jooste’s lover. Since then, it has been on a roll.The SA Reserve Bank last week issued a notice of forfeiture against Silver Tiger Trade for more than R5 million in assets held in accounts at Standard Bank and crypto exchange Ovex.This is the latest forfeiture by the Reserve Bank under exchange control regulations.
That arrangement ended when she approached the court to demand that the Sarb also cover her legal expenses. The Sarb merely requires reasonable grounds to suspect a contravention of exchange controls to attach and seize assets. In June, Ibex raised R9 billion from the sale of 500 million Pepkor Holdings shares, reducing its interest from 43.7% to about 30%. It planned to use these funds to pay down foreign debt but in July was told by the Sarb that the funds had been placed “in abeyance” despite it having received approval for the transaction a few months earlier.
In September and October 2023, SIHPL received approval from FinSurv, Sarb’s surveillance unit, to withdraw R854.6 million of the blocked funds, which was used to repay some foreign debt.
Sarb Asset Forfeiture Crypto Exchange Silver Tiger Trade Reserve Bank
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