Zimbabwe’s most popular cryptocurrency exchange, Golix, has issued a statement saying they will be shutting down their “exchange’s Orderbook.” The cryptic statement they sent to their customers read:
Dear valued customer.
Please note that we have temporarily taken down the exchange’s Orderbook. Any developments related to this matter will be frequently updated.
We sincerely apologise for any inconvenience caused.
Golix Customer Support Team.
The above statement is a bit confusing but in essence, it means they are temporarily taking away customers ability to exchange. Customers will not be able to buy and sell cryptos through Golix.
In terms of a timeline, this ‘temporary’ hiccup will probably last until they have reached a solution to the RBZ’s ban of cryptocurrencies.
Speaking of resolving the issue…
After RBZ banned banks from dealing or associating themselves with Cryptos, warned the public against trading, they finally proceeded to order Golix to shut down. Golix did not like the sound of that, so they have decided to take the central bank to courts.
Golix is challenging the RBZ’s directive for them to shut down as they believe the RBZ has no jurisdiction over them and they also believe the directive was unlawful as they were not given a chance to appeal the decision.
You can read the full court application here if you are interested.
Anyway, the application was classified as urgent and thus the issue will be entering the High Court today and will be kicking off at 2:30 PM. It will be interesting to see how this one unfolds. Do you believe Golix have a strong enough case? Or do you think RBZ will get their way? Let’s get talking in the comments below
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4 comments
the only chance Golix might have, is that RBZ doesn’t have jurisdiction over telling them to cease operations…maybe. BUT, everywhere else the RBZ have their ducks in a row by directing all financial institutions to stop dealing with crypto exchanges.
Either way, the overall view of how crypto is un-regulated and is allowing externalisation, and to bypass RBZ exchange control, Golix may lose and end up with a huge bill. imo, Golix should’ve seen this coming a long time ago, so they shouldn’t act surprised now.
and by the way, i like how styx24 are just sitting quietly through all this. LOL!
lets see what happens when the court case KICKOFFS later today ?!! or maybe lets see what happens when the court case Kicks Off Later today, sounds a bit better, i think
They knew what they were doing. And they made money out of it… They should cut their losses. Rbz can just say we plugging hope according to the foreign exchange act… Or we have no systems to regulate them or we don’t want them to use zim bank accounts there’s just too many… It’s going to be thrown with costs plus let’s see them relocate… Their business model won’t work… If I was then I would enjoy the money move on. Nothing wrong with that