A South African company moved R556 million out of the country without asking the Reserve Bank. No SWIFT. No approval. Leo Cash and Carry sent 4,405 Bitcoin to an exchange in the Seychelles. When the Reserve Bank found out, it went after the money the company still held onshore and froze it under exchange control. Then the High Court in Pretoria ruled on 15 May 2025: Bitcoin is not money, and it is not capital. The rules that guard the border were written for money and capital. So they could not touch it. The Reserve Bank did not win the argument. It went to change the rules instead. Treasury announced the amendment in the February 2026 Budget, and the appeal to the Supreme Court of Appeal is still pending. Bitcoin did not break the wall. It walked around it. Now they are building a longer wall. #Bitcoin #SouthAfrica #ExchangeControl #CryptoRegulation #GlobalArbitrage