South Africa's Court Rules Bitcoin Transfers Overseas Violate Forex Controls, Orders Seizure of 1,680 BTC

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According to IOL, South Africa's Gauteng High Court ruled that Bitcoin constitutes "capital" and "currency" under the country's foreign exchange control regime. The court ordered the confiscation of approximately 6 million South African rand in Bitcoin assets from a trader who transferred nearly 1,680 BTC through a Luno account to wallets accessible only via offshore cryptocurrency exchanges between January 2018 and March 2020. The court determined this action violated forex regulations by moving capital abroad without Treasury approval.
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