Heavy local regulation forces Golix exchange out of Zimbabwe

Posted 05 June, 2018

The Golix platform, the key Zimbabwe-based bitcoin exchange, will reportedly relocate its business facing strong pressure from the local regulator.

The management of the exchange stated that the platform keeps making attempts to stay afloat especially after the central bank banned crypto transactions on the local market.

Besides, the company representative added that the relocation comes in line with their expansion plan to become the major trading platform in Africa. Specifically, the country's central bank banned financial institutions, including Golix exchange from dealing with cryptos in May. 

“As part of our strategy starting from Friday 1 June, people in Kenya, South Africa and Uganda will be able to start trading from Golix. This is one of our plans to be the leading exchange in Africa, which is inspired by the vision to provide financial autonomy in the continent,” the company statement said. 

The company is yet to name the exact location for the new office of the platform. At present, the exchange has mailed its clients (about 50,000 in total) calling for a suspension of trading. Some fiat deposits were blocked and the company do its best to help clients get their money.

“Nevertheless, please note that in the same feat, we are in the middle of promising engagements with a financial institution which is willing to process our fiat withdrawals through a prepaid debit card,” Golix commented.

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