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.
