Russia-linked cryptocurrency exchange Bitzlato, seized by Western law enforcement, plans to relaunch and permit partial withdrawals, a co-founder announced. Members of the trading platform’s team also intend to relocate the business to the Russian Federation.

Bitzlato is currently auditing its losses, the co-founder said and further unveiled that the company plans to move to Russia and renew its activities under Russian jurisdiction. Right now, Bitzlato is looking for an infrastructure contractor, he said.

As for the repayment of user funds, Anton Shkurenko assured that customers will be able to withdraw 50% of the BTC in Bitzlato wallets on the day the platform is launched again. Holdings in altcoins will be released gradually he added without specifying a timetable.

(By Lubomir Tassev)