Bitbns Cryptocurrency Exchange Asks Zebpay Users to Join Their Trading Platform
Zebpay, one of the most known and important exchange platforms in India, announced that they are shutting down their exchange platform. This created a complicated situation in the Indian crypto market and the community. According to the exchange, they had to stop offering services to its users since regulatory bodies in the country are taking very hard stances towards virtual currencies.
Nonetheless, Bitbns, another crypto exchange in India, decided to attract users to its platform. Bitbns asked Zebpay customers not to be worried about the situation and to join its exchange platform. Additionally, Bitbns said that it was a very ‘bad day’ for the whole cryptocurrency community in India.
The official statement of the company reads as follows:
“We at Bitbns, understand the plight of hundreds of thousands of cryptocurrency holders and traders in this unfortunate hour, and that is why we are here to help Zebpay users migrate their funds to Bitbns.”
Users that decide to move their funds from Zebpay to Bitbns would be refunded the withdrawal fees that are charged by Zebpay on selected tokens. Those that want to receive withdrawal fees have to keep the funds on the exchange during a period of a week.
It is important to remember that the Reserve Bank of India (RBI) took the decision to ban cryptocurrencies from the country, including Bitcoin. At the same time, the institution warned users about the risks associated with investing and using virtual currencies.
Additionally, the RBI announced that banks functioning under the authority of the central bank would not be able to continue offering services to individuals dealing with virtual currencies or crypto exchanges. Moreover, the bank urged financial institutions to stop providing services to crypto users.
After this decision, most of the crypto-related firms decided to contact the Supreme Court in order for it to search a solution to this issue. The next week, the hearing related to virtual currencies will take place in the country.