Statement Regarding FTX Bankruptcy Filing and the Foundations of Yellow Card: Safety, Security and Transparency

As you are no doubt aware, the global cryptocurrency market recently plunged following the bankruptcy filing of FTX, causing shockwaves throughout the industry. 

Yellow Card did not hold any assets with FTX, and is not associated with FTX in any way.

The Yellow Card Team would like to take a moment to reassure our investors, stakeholders, and customers of the important measures we take to ensure that our customers’ funds and digital assets are safe and secure. 

We secure accounts and hold at minimum 1:1 cash to assets for our customers - meaning that at any given time a customer can withdraw funds from their wallet. We don’t lend money and we do not borrow money, let alone secured by customer deposits . Our security features are built from the ground up with streamlined security for our customers, including multi-signature wallets and various other best-of-breed security controls.

“We believe that trust and transparency are essential components of the foundation of our business at Yellow Card. Our vision is to make crypto easily accessible to anyone everywhere across Africa, and the security of our customer’s funds and digital assets is absolutely of paramount importance. Under no circumstances do we ever put our customers’ funds and digital assets at risk,” said Chris Maurice, CEO and co-founder of Yellow Card. 

We are confident about the future and the power of crypto to change the lives of Africans. We have never viewed crypto as a speculative asset for trading. We are committed to leveraging crypto to build innovative products that can enable people to access and trust the financial system, and ultimately help every African solve some of their most basic financial problems.

Situations like the fall of FTX provide a turning point for us and everyone in the industry. So we will lean into our core values and re-affirm some fundamental principles about Yellow Card

We are the first crypto licence holder on the continent 

In September 2022, Yellow Card became the first cryptocurrency company on the continent to be granted a Virtual Asset Service Provider licence to operate in Botswana, receiving a licence issued by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). 

Yellow Card has also been issued a general financial services licence by COSUMAF, and has submitted applications to participate in sandboxes established by the central banks of Uganda and Zambia. Core to our strategy, Yellow Card is actively engaged with various other regulators across the continent, as the company is a staunch advocate of regulating the industry in order to protect consumers, prevent scams (which unfortunately are all too prevalent), and encourage financial technology to flourish, while creating a level playing field.

We Adhere to International Regulatory Standards

Yellow Card complies with global and applicable domestic anti-money laundering, counter-terrorism financing, sanctions, and other “know your customer”: requirements, including the FATF Travel Rule. Yellow Card is registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as a money services business, and is also registered with the financial crime and investigation units of various regulatory authorities across the continent. As a company incorporated in the United States, the company also complies with the U.S. Foreign Corrupt Practices Act, and U.S. Bank Secrecy Act.

Access to Free Educational Platform 

We are committed to educating our customers through our FREE online platform, the Yellow Card Academy. The platform provides a wide range of information about cryptocurrency, blockchain technology, and financial literacy. It provides simplified guides to understanding crypto, blockchain, and personal finance, and ultimately, the core principle of crypto to give everyone sovereignty over their finances. 

Crypto is Part of Africa’s Future

Yellow Card believes that the future is crypto. On a daily basis, we see how this technology has positively bridged the gap and created more financial inclusion across the African continent. 

We remain one of the most reliable, secure, fastest and licensed crypto exchange platforms on the African continent.

For more information, contact:

Rutendo Nyamuda, Public Relations Officer

Email: [email protected]

Customer service queries: 

Elizna van Tonder, Head of Customer Service Operations

Email: [email protected]