Zebpay Crypto Exchange To Cancel INR Trading Pairs, User Refunds Process In Place
Zebpay To Cancel INR Trading Pairs And Give INR Back To Users
Zebpay, a crypto exchange based in India, has announced today that it would return all the INR (Indian national currency) to the users that had sent it for trading. Also, the company would remove all the INR trading pairs.
To give the money back to the users, Zebpay will work together with banks. The money will be sent back to the bank accounts from which the users sent it in the first place. After the company cancels all INR trading pairs on September 5, all pending orders will be canceled. The platform will then return all the fiat currency back to the users as soon as it can do it.
India To Be Cut Off The Crypto World
The exchange decided to cancel its INR trades after the Indian government determined in April that all bank transactions related to crypto exchanges should be ceased. After that, the platform decided to continue with the trades for some time, but the law went into effect in July and it has heavily affected the whole market.
While many companies and experts believe that the blockchain technology and cryptocurrencies can be a good thing for India, it is clear that some people from the government do not agree. This has caused the company to basically have no choice but to stop using INR.
The company has officially announced on Medium that the crypto wallets of the company will continue to work and that the users will still be able to trade with the company, however, they will not accept INR anymore.
It also affirmed that, if the banks go back to support it, INR trading can go back but that depends a lot on the government and on the banks, not on the exchange, which has its hands tied.
This measure has effectively tried to cut off India from the crypto world. While the country has not banned cryptocurrencies, you can only trade them if you already have them now, so you will have to use international exchanges and probably use USD instead of INR to start investing and to cash out.
For the benefit of our customers, we will attempt to return all their INR as soon as possible. Crypto wallets and crypto-to-crypto trading will work uninterrupted. Official announcement https://t.co/umm71Lvfvd or watch https://t.co/CKkMv3TwRD English https://t.co/GCLyQ2IO63 Hindi
— zebpay (@zebpay) September 4, 2018
Users Comment On The Matter
Some users commented on Twitter about the latest development of this story.
Are you closing your exchange ? Will you resume Bank services if court decision will come in favour ?
— Prashant Yadav (@prashyadav1986) September 4, 2018
finally some good new from zebpay. But as usual you guys are so dumb and late. I just wanna say inform us the date and time also. unlike last time ( 5 july ) you guys have not informed about timing and based on your mood you decides to close withdrawal.
— kabeer jaiswal (@kabeer_jaiswal) September 4, 2018
Really disgusting to see that you are going to stop crypto -rupee transaction and ur one move again reduced the value of crypto currency at a time where market was about to go up.
— vimlani (@vimlani) September 4, 2018
now due to your announcement, the crypto prices are matching international standards in zebpay. I taken them coins at 20-30% extra, how can you suddenly make it equal to international? You should revert today's transactions and then initiate the withdrawl -this is really unfair
— Bhanu (@swaroophr1) September 4, 2018