The Chief Executive of Zim’s leading cryptocurrency Exchange fielded some questions that concerned customers had in relation to the on-going crypto ban that was imposed by the RBZ two months back.
Tawanda Kembo of Golix talked about giving customers the option to switch their fiat balances to GLX Tokens, crypto and fiat withdrawals which have all been plaguing customers since the 14th of May- the fateful day when RBZ decided to drop the hammer on cryptos.
Customers switching fiat balances to Golix tokens
A week after the RBZs ban went public, Golix went on with their token sale. The GLX Tokensale is still underway and according to the CEO of Golix, a ‘lot of customers’ have actually called in to convert their fiat balances to GLX Tokens. He also went on to disclose that they gave such customers a good balance. I’m not sure what exactly he means by a good balance.
Is that a good idea?
I also don’t think it’s necessarily a good idea for customers who are already owed by Golix to double down and buy a token being offered by the same company who have been taken to court and may have their operations totally banned in the country if the central bank has their way in their ongoing court battle with Golix.
Obviously you may be able to make some international purchases in future using the GLX Token but that’s not exactly guaranteed either since the token is still being sold in an ICO. Judging from Kembo’s response some have felt they can take that risk so it will be interesting to see the value of the GLX Token once the token sale is over in 17 days.
Access to cryptos…
Kembo addressed three scenarios to do with people failing to withdraw cryptocurrencies as well. When it comes to fiat withdrawals customers have been quite understanding, as they are aware of the closure of Golix’s bank accounts.
What was a bit baffling however was when customers started having trouble withdrawing cryptos from the exchange. Kembo addressed this situation and blamed it on downtime, internal procedures but also acknowledged that there are some customers having trouble withdrawing cryptos:
If you made a cryptocurrency withdrawal on Golix before we halted USD trading, that withdrawal went through successfully. Almost all the withdrawals that were made between that time and today were processed successfully.
There were some transactions that got delayed because in internal procedures for replenishing hot wallets from cold wallets. These transactions went through nonetheless.
There we some transactions that outright failed because there were made during a system of downtime/upgrade. Failed transactions are credited back to your wallet and you have a intiate them again.
We know know that we still have a few customers who are having trouble accessing their accounts because of a security upgrade we made on April 6th 2018. If you are one of these people, please follow the instructions in this blog post to regain access to your account: http://blog.golix.com/updated-security-features-on-golix-how-to-log-in-to-your-account/
No comment on the fiat situation…
I think a definitive position on fiat withdrawals will only be given as the court case proceeds. One thought I have had since the beginning of this case is why the RBZ didn’t wait until the 60 day period they had given for Golix to wind up operations was over. If the intention of the central bank were to ‘safeguard’ citizens then why get Golix bank accounts shut down before the citizens they are protecting are given their monies back? Just a thought…
Clearing communication lines
In some of the communities group we host one of the things that seem to have been troubling concerned customers is how to get in touch with Golix and on the reddit Mr Kembo shared the best ways to get in touch with the exchange:
There are 4 ways to contact us:
You can physically visit our office on the 1st Floor, Batanai Mall, Corner Jason Moyo Avenue / First Street, Harare. We’re normally there during week days from 9am to 5pm.
You can open a support ticket by sending an email to email@example.com.
You can call us on +2634761158. If you call during working hours, we’ll pick up.
You can send us a WhatsApp message. Our WhatsApp number is the same as our landline: +2634761158.
Golix is a Cryptocurrencies exchange in Zimbabwe. Golix was founded in December 2014 and was initially called BitFinance while their exchange was called Bitcoin Fundi. The company was founded by Tawanda Kembo and Verengai Mabika. In May 2018, Golix was ordered to shut down operations... Read More About Golix
Tawanda Kembo is a Zimbabwean software developer, startup entrepreneur and founder of Golix, a cryptocurrencies company. Before Golix, Kembo founded Virtual Bank, I Paid A Bribe (Zimbabwe) and other technology companies. Read More About Tawanda Kembo