Full Text: Crypto Exchange Golix Advises Customers To Withdraw Money, Cryptos

Zimbabwe’s first and biggest cryptocurrency exchange, Golix has advised customers to withdraw their funds from the exchange. This comes after the Reserve Bank of Zimbabwe (RBZ) barred banks from dealing with crypto exchanges. However, the RBZ did not show up at the High Court when Golix challenged the ban.

We publish Golix’s notice to their customers in full below:

Dear Valued Customer 

A lot has been happening at Golix between the last communication we sent to you on 15 May 2018 and today. A lot of you are concerned about when you are going to receive the funds you have on Golix and a lot of you are concerned about whether they will be able to continue trading or if they can make deposits again. We’re going to answer all of these questions in this email/post but first, here is a summary of everything that has happened the last 2 weeks:

 

• 11 May 2018 – the RBZ issues a circular to all the banks instructing them to close all our bank accounts. They give us a 60 day window though.
• 15 May 2018 – we issued a statement to our customers to let them know that we are aware of the directive and that we have started the process of engaging the RBZ to explore how we can address their concerns.
• 17 May 2018 – the RBZ issues a second circular that was addressed to Golix where they instructed Golix to cease all operations immediately. The letter was dated 15 May 2018 but we only saw it on the 17th.
• 18 May 2018 – by this date, all our bank accounts had now been closed.
• 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.

Here are some answers to the questions we think you’re likely to have right now: 

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What does the interim relief (lift of the ban on cryptocurrencies) mean for me?

Before we answer this question it’s important for us to emphasize that the court case is still ongoing and this interim relief is only valid until the outcome of the case is determined in court. 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.

However, here is what we can say for now:

Golix can continue operation it’s business.

The interim relief does not guarantee that we will get our bank accounts reopened. We are working hard to get our bank accounts reopened and we will send another update to let you know how this goes

Why hasn’t my withdrawal been processed yet?

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.
Also, given the circumstances, cryptocurrency withdrawals are now also being manually processed from cold storage and we can no longer process them as quickly as we used to.

When can I expect my withdrawal to be processed?

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. Those that are unable to initiate withdrawals before the end of day on Wednesday this week should do so before the end of the day on Wednesday next week so that we process them by Friday next week.

Can I still deposit funds on Golix?

Please do not make any deposits into Golix until we have announced that we have resumed trading.
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. So please do not attempt to make deposits to Golix until we announce that we have resumed trading and that it is now safe to do so.

We have a number of people who are still getting automated deposits into their Golix accounts from services such as mining pools or BeForward. Feel free to reach out to our support team if you need help figuring out how you can stop these services from sending deposits directly to your Golix account.

Can I continue to store my funds on Golix?
No. We recommend that you initiate a withdrawal your crypto and/or fiat funds right now until we recommend that we have resumed trading.
If  you don’t think you can store your cryptocurrency assets yourself, feel free to reach out to our support team who will be happy to make recommendations on possible wallets you can use.

Is the OTC service still running?
No. Right now we are not conducting any OTC transactions.