India: Zebpay Makes An Important Announcement

in india •  2 months ago

Few hours ago Zebapay, India's top exchange sent out a mailer discussing a few important things. They are also returning the INR held by them, which was basically deposited by users around early July.

We Are Planning on Returning All Our User’s Money

We could hide behind the stalemate that has been imposed upon our industry owing to the RBI action, but we choose not to do so. Today we are announcing our intent to work with our bankers, and return all the money (Indian Rupee) that you have sent us for purposes of trading. Not doing so would make us feel like we are holding you hostage, and that is not a good feeling. When this happens, all your outstanding INR-related orders will be cancelled, and your rupees returned to your bank account. Please keep this in mind while deciding on your investment and trading strategy.

The Future

Zebpay is convinced that the public blockchain architecture is great for India and will help India maintain its leadership position in the Information Technology world. And for the functioning of the public blockchain, a coin / token, such as Bitcoin, is essential. We will continue to untiringly engage the government, regulators, and other institutions to explain this, so that India doesn’t miss the blockchain bus. We will also continue to work on coming up with a solution and mechanism that works in your best interest, and doesn’t expose you to avoidable risks.

As we stand they will stop INR trading pairs at 5PM on 5th September and will begin returning money held with them by customers to the bank accounts listed with them by these customers.

Meanwhile, I highly recommend you watch the video from their CEO Ajeet Khurana here and if you want a Hindi version you may click here.. This will clarify Zebpay's stance on the matter, their views and opinions as well as what they know about the current situation in India.

Also, keep in mind that 11th Sept is the final hearing date at the Supreme Court. I'll be back with more information related to these new developments soon.


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@firepower, Yes, i saw this video and in my opinion for the sake of time and as per the current phase this decision is right by the Zebpay in my opinion because at least wallet users and will not going to hold the fear of loss of money.

And in my opinion through this action they are showcasing the great faithfulness essence for sure and in my opinion it will going to be helpful for Zebpay in future in percentage of Trust.

And what i like about the video is, the CEO of Zebpay clearly stressed upon the Bitcoin and the importance of Bitcoin and advised government to focus upon this Technology and Sphere so that we can stay ahead.

But in a way, if we think then in my opinion for sure this decision indirectly telling that, we don't know about the future but in current phase we will going to face the ban. Let's hope for the best.

Wishing you an great day and stay blessed. 🙂

it was a sad news for Indian Zebpay Cryptocurrency Exchangers, it happened for capita issue...thank you for right information provides in right time...

This is the really good news for those investors who were in panic about withdrawal because 11th September is coming and supreme Court Justice will decide about about Crypto currencies future in India..

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I am surprised by this move, just before the final verdict ? Like seriously?

That is really a great news you shared sir @firepower. People will be highly relieved after hearing this. Thanks for sharing a very valuable information to all the users here.

Upvoted and also resteemed.

As 11 of September is coming nearby the whole crypto community of India is looking anxiously towards the next move by supreme court.And during this every small or major news like this is making us restless and on lookout for newer and better options.

Hopefully the judgement is in our favour.

Exelente noticia para los habitantes de su país amigo @firepower. Que tenga una feliz noche le deseo desde Venezuela .

Good announcement by Zebpay

In my opinion,the zebpay CEO mr Ajeet Khurana is very much optimistic because ,he has been contineously dealing with the various department as he had mentioned in the video.So has seemed more energetic about working of cryptocurrencies.Its the one kind of sounds of green signal about the realistic working of crypto world .Yes nobody knows,the future but we should hold and hope for the best.Thanks for the informations.

That is great that they will be able to return the deposits. But what kept them from returning it the previous months?

great, atleast the fight is not over yet.

India is doing good technical advancement in blockchain. Lot of research is being done. I am bit optimistic that Supreme court will give a chance to blockchain world. @firepower