Read Source Article Reserve Bank of Zimbabwe Defends Decision to Shut Down Crypto Exchange

The Reserve Bank of Zimbabwe (RBZ) has filed an affidavit with the country’s High Court seeking to have the court uphold its decision to shut down the country’s largest crypto exchange, The RBZ filed the affidavit through its governor, John Mangudya, on June 8, reports local media outlet Pindula News. The country’s financial services regulator has cracked down on the crypto industry in the country in a bid to protect its citizens. Its efforts have included starving the crypto industry of mainstream financial access as well as ordering the country’s largest crypto exchange to shut down its operations, a decision that Golix successfully challenged in court.

Decision Was “The Most Appropriate Action”

Mangudya defended the RBZ’s decision to shut down Golix, terming it the “most appropriate action to deal with the risk identified.” The decision was well thought-out, the affidavit said, while accusing Golix of running an unlicensed remittance and money transfer platform. Mangudya went into detail on the exchange’s risky operations, which he described as “a pyramid scheme that could burst at any time.”

The RBZ also took issue with the exchange’s KYC process, which it said can’t be robust as its operations were meant to assist its

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