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The liquidation of iCE3 is a watershed moment for SAâs crypto industry
A legal battle is likely developing over who owns the crypto assets in the exchange â iCE3 or the account holders? 00:01
This case shows that crypto investors must control both the public and private keys to their wallet, and not just hope the exchange will honour its terms of service. Image: Shutterstock
When SA crypto exchange iCE3 shut down trading in March due to âaccount discrepanciesâ and a few weeks later announced it had initiated liquidation proceedings, account holders were understandably concerned that a âfriendlyâ liquidator would try to grab their crypto assets and count these as part of the exchangeâs assets.
Pioneering cryptocurrency exchange moves to liquidate
South African Cryptocurrency traders have been in the spotlight recently after the collapse of Mirror Trading International. Regulators had a wake-up call and announced plans for a crackdown on cryptocurrencies. The South African Revenue Service also took note and announced that it would audit taxpayers who trade in Bitcoin and other digital currencies. The regulatory squeeze prompted local trading platforms to leave for friendlier climes, shifting their headquarters to Europe. While the industry shifts, it seems another local trader has come up short. ICE3x is one of the county’s longest-running exchanges and was the first to offer local traders the Etherium-Rand cross. The exchange has announced that it will not reopen after having suspended withdrawals of Bitcoin and Litecoin last month. First published on MyBroadband. – Melani Nathan