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Banned Crypto Exchange, Golix, Fails To Give Customers Cryptos, Fiat

   

It must be hard being a Golix customer right now. On the 29th of May, Golix promised customers they would start processing their withdrawals the following week.

Tomorrow it will be exactly 3 weeks since that promise was made but unfortunately nothing resembling a fiat withdrawal is yet to be processed.

Rubbing salt on the wounds…

It’s bad enough that customers can’t get their money back, but now it seems they can’t even move their cryptos out of Golix’s exchange to wallets off the exchange. That compounds the issue.

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We wrote an article advising people not to keep their cryptos on exchanges but I’m sure anyone who is reading this and has their crypto stuck wouldn’t want to hear ‘I told you so.’ So less of that and more of trying to understand why Golix customers can’t move their cryptos.

About 10 days ago, in our communications with Golix they had stated that they are facing challenges with connecting their cold wallet but they said they would solve it within a day at the time. They are still facing technical challenges and said they will solve this issue today..

What’s the way forward?

I’m not sure how exactly the ban affects the exchange itself. For those who are trying to move their cryptos this is a bit worrying. The problem with silence is that it leaves us with too many unanswered questions. I certainly hope I’m wrong but there are a few red flags that are worrying, to me at least.

Going ahead with the ICO…

When Golix announced they would be going ahead with their ICO and launching in two other countries, I couldn’t help but feel something was amiss. They may have been planning to go into these territories anyway but continuing with the ICO whilst the issue with the RBZ was unresolved seemed a bit reckless.

What happened to the withdrawals?

As earlier indicated, Golix had promised that they would start processing withdrawals. We have to assume that this was on the 8th of June, customers were notified that there were challenges:

Over the past weeks fiat withdrawals have been put on hold due to ongoing engagements with our banks. This has seriously stifled our transaction flaw and hence we note with concern the urgency, as we have always provided timely withdrawals, you have to access your money.

At this point we will like, to repeatedly and publicly make it known that we haven’t given up on the engagement to reopen our bank accounts and facilitate all your fiat payments.

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.

We therefore kindly ask you to conduct this small survey here to ensure that we carry on with the withdrawals as soon as possible.

NB: Note that if the engagements are successful, you can chose or decline to receive your fiat through the prepaid debit card.

Golix Customer Support Team

Customers were asked to complete a survey confirming whether or not they would be willing to open a prepaid debit card to receive their fiat and which percentage of their fiat they would want to be in this card.

It’s not exactly clear how this card would work… Probably it will be able to purchase locally and ensure that people are using their money. We will keep engaging Golix to understand what’s going on.


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