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South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal

South African Crypto Platform Pins Hope on 'Phased Asset Recovery' Proposal

A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution of the matter.

No Timeline Given

The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed.

As previously reported by Bitcoin.com News in June, Revix began restricting users’ access to a portion (24%) of their funds. At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated this decision.

Although some have drawn parallels between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still premature for anyone to make such conclusions.

“It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.

The CEO added that his firm will continue to monitor the recovery efforts as well as ensure users get the highest possible value. According to the Moneyweb report, Revix has engaged regulators with the hopes that this will also help expedite the resolution of the matter.

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from Bitcoin News https://ift.tt/q57UO8p
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