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Zim crypto exchange battling to re-open bank accounts

By , Journalist
Zimbabwe , 30 May 2018

Zim crypto exchange battling to re-open bank accounts

Zimbabwe cryptocurrency exchange platform is struggling to have its bank accounts re-opened following a High Court ruling that allowed it to continue trading in virtual currencies.

Earlier this month the Reserve Bank of Zimbabwe directed banks to stop processing cryptocurrency transactions and ordered Golix to halt its operations.

The High Court of Zimbabwe has since overturned the decision to bar Golix from trading cryptocurrencies on its exchange platform.

Golix facilitates trade in bitcoin, etherium and other cryptocurrencies using an online platform and a bitcoin cash machine.

An email sent from the company on Tuesday read: "We are working hard to get our bank accounts reopened and we will send another update to let you know how this goes."

As a result, Golix has confirmed it is currently not processing deposits into crypto wallets.

Cryptocurrency traders in Zimbabwe have demanded answers from Golix over the status of their crypto funds following the latest developments.

The company has advised virtual currency investors and traders in Zimbabwe not to "make any deposits into Golix until we have announced that we have resumed" trading.

It is also understood to have engaged finance institutions that previously held its accounts "to allow us to send customer funds we are holding" back to crypto account holders on its platform.

Golix has been forced to postpone a planned Initial Coin Offering (ICTO) to raise funds for expansion until the current regulatory wrangle is settled.

Bitcoin traders in Zimbabwe say trade is still happening on a peer-to-peer basis.

Golix also confirmed that there are still "a number of people who are still getting automated deposits into their Golix accounts from services such as (crypto) mining pools" and other platforms.

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