Kastelo claims Reserve Bank jumped the gun in freezing its crypto arbitrage business

Kastelo claims Reserve Bank jumped the gun in freezing its crypto arbitrage business

High court rejects its application to set aside a blocking order arising from claims of exchange control violations – but this doesn’t mean the case is over.

Crypto arbitrage company Kastelo recently lost its case in the Johannesburg High Court challenging a blocking order imposed on its Access Bank account by the South African Reserve Bank (Sarb).

The Sarb claims Kastelo appeared to be contravening exchange control regulations. That claim – which is rejected by Kastelo – has yet to be tested in court and it remains unclear at this stage whether the company intends taking it further.

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The Writer's Room is a curated by Ciaran Ryan, who has written on South African affairs for Sunday Times, Mail & Guardian, Financial Mail, Finweek, Noseweek, The Daily Telegraph, Forbes, USA Today, Acts Online and Lewrockwell.com, among others. In between he manages a gold mining operation in Ghana, and previously worked in Congo. Most of his time is spent in the lovely city of Joburg.