On 4th September, Zebpay, a cryptocurrency exchange based in India announced that they would return all the INR that users have sent to the platform for trading. Zebpay plans on working with all the banks linked to them in order to achieve this. Post the action, all outstanding INR associated orders of Zebpay users will be canceled and INR will be refunded to the user’s individual bank accounts.
For a short period of time, Zebpay will close all INR related trading pairs from 5th September, at 5:00 PM IST. Soon after this, all pending orders comprising of INR pairs will be canceled. The platform intends to return all of the fiat currency back to the users as soon as possible, provided the banks associated with Zebpay complies accordingly.
The exchange platform made the announcement as a result of the circular issued by the Reserve Bank of India earlier in April that effectively ceased all cryptocurrency related bank transactions starting from July.
Although Zebpay has taken this step, the platform has stated that they are not going to stop engaging government bodies, regulators, and other key institutions into adopting a blockchain system. Zebpay believes that the blockchain based architecture with digital assets such as Bitcoin can only grow the future of the Indian Technology scene.
Zebpay, on their official medium blog, stated:
“Zebpay crypto wallets will continue to work, and you are welcome to hold your coins and tokens with us. Of course, if you want to withdraw (or deposit) crypto, you can always do it as you choose.”
Zebpay also made it clear that only INR [Indian Ruppe] related trading will be stopped. However, all the other cryptocurrency to cryptocurrency trading will be functioning as usual. The deposits of INR will also be stopped. Zebpay said:
“If our banks support us, we intend to send back all the money to users without any specific action from them.”
Twitter user, Prashyadav1986 commented:
“Are you closing your exchange? Will you resume Bank services if court decision will come in favour?”
Another Twitter user named Naveen7252 said:
“How can you take a sudden decision like this? You are not going to give enough time to customers to update their bank accounts or do whatever they want with their open trades? You guys are so pathetic and disgusting. You better close your exchange and never show up again.”
Twitter user, RahulSi59320142 added:
“Very poor service. I still haven’t received my Bitcoin Gold coins. Pathetic service…don’t worry your story has already ended.”
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