Crypto-exchange VALR has officially confirmed its plans to close its crypto arbitrage service to new customers to comply with its banking partner’s requirements.
VALR is the latest South African crypto exchange to close its arbitrage business. Ovex was one of the first to announce its exit from the arbitrage market.
As reported, VALR will cease offering crypto arbitrage to new customers from January 31 and end the arbitrage service to existing customers on February 28. Furthermore, the company suggested that partner requirements forced the exchange to move in that direction.
VALR on the other hand, assures customers that its exit from the arbitrage market will not affect other services. According to the company:
“The decision to discontinue our arbitrage service has been taken to comply with some of our banking partner requirements. No other Valr services are affected and your funds remain secure. You will continue to have access to Africa’s largest marketplace for crypto assets with the ability to buy, sell and store over 60 cryptos on Valr.”
The exchange COO, Gianluca Sacco, suggested that VALR will now focus on its core business. Crypto arbitrage became extremely popular in South Africa by allowing investors to profit from price differences in crypto assets between international and local exchanges.