UK users of Glint, the app and associated card that lets users buy, store, and sell gold have been told by the company that they are still unable to sell any unsold gold they purchased on the platform, following the company going into administration last month. The UK branch of Glint was wound up at the end of September, leaving account holders unable to sell what they had purchased, although cards were still being issued to British applicants at the time.
“Lengthy and Complex” Process
The latest update from Glint, which was published to their website on October 9, states that “discussions with the FCA [Financial Conduct Authority] are ongoing” in reinstating the processing of gold sales, although they go on to explain that this process will not be quick:
These discussions involve a number of third parties who are all required to be comfortable with the process prior to re-instatement and consequently discussions are lengthy and complex. We can confirm that gold holdings remain frozen and allocated to the individual customers in line with the Group’s pre-existing gold holding procedures.
The priority, Glint adds, is the “rescue of the companies as a going concern”, and they are “unable to provide customers with a more definitive timeframe of when the platform will be up and running again”, none of which is good news for Glint customers who have assets on the platform they are unable to sell.
Questions Over Gold Ownership
The reason for Glint’s demise in the UK is unclear, and there has been no suggestion (officially at least ) that there was a discrepancy between the amount of gold Glint said it owned and what it has, although this is ultimately something the administrators will have to confirm. Understandably, customers are furious with developments and the sudden cessation of their ability to utilize the gold they bought, which Glint took a commission to process:
Totally agree enough is enough now, Im worried my gold does not exist! I DO NOT TRUST GLINT! Until I can sell my gold and transfer funds into my bank account I wont let this rest and will warn others. Really feel conned and stupid for trusting them with my hard earned money
— Skint (@F00LSG0LDupdate) October 1, 2019
Where’s our GOLD YOU SCUM BAGS ! Let us sell it ! Also why was the loan called in ? And WHY ? Something seems very suspect to me on why you went into administration!!!! GIVE US ACCESS TO OUR ACCOUNTS NOW !!!!
— Skint (@F00LSG0LDupdate) October 1, 2019
Glint isn’t the first crypto entity in the UK to try to leverage gold – the Royal Mint had plans to tokenize their gold holdings back in 2017, but the plans were shelved when backers CME group pulled out. Bitcoin has of course famously been labelled digital gold, but it seems mixing blockchain and the yellow shiny stuff doesn’t always work out as planned.
