Golix Bank Accounts Yet to be Re-opened Despite Cryptocurrency Ban Lift

Golix sent an update to its customers on the cryptocurrency ban by the Reserve Bank of Zimbabwe (RBZ) stating that the interim relief by the high court does not guarantee that the virtual currency will get the bank accounts reopened.

The High Court granted an interim relief that lifts the ban on cryptocurrencies after Golix filed an application against the Central Bank’s decision.

“The interim relief does not guarantee that we will get our bank accounts reopened,” the cryptocurrency trader said in an email.

“We are working hard to get our bank accounts reopened and we will send another update to let you know how this goes.”

Golix also says that cryptocurrency withdrawals are now also being manually processed from cold storage given the circumstances. Cold storage in terms of bitcoin means keeping a reserve of the cryptocurrency offline.

The cryptocurrency trader says that it is working to have its bank accounts reopened and has started a conversation with the financial institutions to allow Golix to send customer funds held back.

“Please do not make any deposits into Golix until we have announced that we have resumed trading,” says the cryptocurrency trader.

“If you try to deposit funds to our bank accounts right now, it may take weeks before we are able to recover those funds because unless we tell the bank in advance, those funds will go straight to a suspense account.”

The interim relief is only valid until the outcome of the cryptocurrency ban case is determined in court according to Golix.

RBZ banned use and trading of cryptocurrency in Zimbabwe stating the move as a way to safeguard the integrity, safety and soundness of the country’s financial system and to protect the public in general.

The following are an update of events on the cryptocurrency ban as given by Golix:

• 11 May 2018 – the RBZ issues a circular to all the banks instructing them to close all our bank accounts. They give cryptocurrency traders a 60 day window though.
• 15 May 2018 – A cryptocurrency trader issues a statement to customers stating that it is engaging RBZ regarding the ban
• 17 May 2018 – the RBZ issues a second circular that was addressed to Golix where they instructed Golix to cease all operations immediately.
• 21 May 2018 – Golix files an urgent chamber application at the High Court requesting  the ban on Golix to be lifted.
• 24 May 2018 – the High Court grants Golix an interim relief that lifts the ban on cryptocurrencies by the Central Bank.