Crypto.com has announced that it is introducing rand wallets. The exchange informed its South African customers of the upcoming changes recently via email.

“We are pleased to announce that we have made progress in our expansion of services in South Africa. Please be informed that Foris DAX SA (Pty) Ltd will become the contracting entity of the Crypto.‌com App on 10 July 2022.” Crypto.com stated.

“We have partnered with a local bank to compliantly offer certain products and services that are in line with local regulations, applicable law, and customer demand,” The Spokesperson added.

To continue using the exchange, customers in South Africa must accept its updated terms and conditions with Foris DAX, which will take over the management of their accounts. After accepting the new terms, Crypto.com mentioned that the following changes would take effect:

• Non-rand fiat wallets will be disabled.
• Any remaining non-rand fiat balances after 10 July 2022 will be converted to USDC (Circle’s stablecoin).
• Other products and services available to South Africans in the Crypto.‌com app will remain unaffected.

However, with the new establishment, the non-rand fiat wallets will be disabled for its South African customers.  The crypto exchange emphasized that they won’t be disabled before 10th July 2022 and that customers should utilize their balances to get more crypto.

“Before 10 July 2022, you can use the remaining non-rand fiat balances to purchase cryptocurrencies,” the exchange stated.

“Rest assured that your funds will remain safe and accessible to you during this transition.” the exchange added.

Crypto.com has also said no action is required from customers for now and that customers will be notified in case of any new updates.