Despite reports of the Zimbabwe High Court’s reversal of the Reserve Bank of Zimbabwe’s (RBZ) recently issued cryptocurrency ban, the country’s leading bitcoin exchange, Golix, is yet to restore trading on its platform. In an email recently sent to customers of the exchange, Golix sought to clarify that it has been granted “an interim relief,” that its accounts have not yet been restored, and that legal proceedings are currently still ongoing.
Also Read: The Top Ten Altcoin Markets of 2014 – How Are They Faring Now?
Golix Discusses Appealing Zimbabwe’s Cryptocurrency Ban
In response, the RBZ “issue[d] a second circular that was addressed to Golix where they instructed Golix to cease all operations immediately” on the 17th of May, with Golix adding that all of their bank accounts had been closed by the following day. On the 21st of May, Golix “file[d] an urgent chamber application at the High Court requesting the ban on Golix to be lifted.”
Golix Granted “Interim Relief” by High Court
Golix emphasized that “the court case is still ongoing,” meaning that the “interim relief is only valid until the outcome of the case is determined in court.” The exchange added that “Because the case is still in court, we cannot comment on questions that are related to the case and this is the response you will get if you contact anyone on the Golix Team to make an inquiry that is related to this case.”
“We are working hard to get our bank accounts reopened and we will send another update to let you know how this goes,” the exchange said.
Ramifications of Interim Relief for Customers
The exchange added: “Although we are working hard to have our bank accounts reopened, we have started a separate conversation with banks to allow us to send customer funds we are holding back to the customers and because the bank would like to limit the activity on the accounts, we cannot be able to process withdrawals as often as we used to […] Because of the logistics involved in processing withdrawals, we encourage every customer to initiate the withdrawal of the funds in their Golix accounts between Monday and Wednesday so that we have all the withdrawals processed on Friday.”
Golix also recommended that customers not store their funds on the exchanges, stating “We recommend that you initiate a withdrawal your crypto and/or fiat funds right now until we recommend that we have resumed trading.”
Do you think that Golix will be successful in appealing the Reserve Bank of Zimbabwe’s cryptocurrency ban? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Golix
Need to calculate your bitcoin holdings? Check our tools section.
The post Zimbabwe Exchange Granted “Interim Relief,” Ban Appeal Still Ongoing appeared first on Bitcoin News.
Source: Bitcoin.com