Standard Bank of South Africa v South African Reserve Bank and Others (047643/2023)
Standard Bank of South Africa v South African Reserve Bank and Others (047643/2023) [2025] ZAGPPHC 481 (15 May 2025)
The court found that the applicant lacked locus standi to challenge the forfeiture of the R10 million in the Nedbank Limited account, as the funds belonged to LCC and the applicant's interest was merely speculative. Regarding the Money Market Account, the court held that the Exchange Control Regulations, as currently drafted, do not apply to cryptocurrency transactions or assets, as cryptocurrency is not recognized as currency or legal tender in South Africa. The court emphasized the need for a restrictive interpretation of penal statutes and found no evidence of contravention of the Exchange…
Source excerpt
- Exchange Control Regulations
- Cryptocurrency Regulation
- Forfeiture Of Funds
- Locus Standi
- Pledge And Cession
- Statutory Interpretation