Today, on September 4, 2018, Zebpay – one of the leading crypto exchanges of India made an announcement about the Rupee Balances of Users stating that the exchange is overwhelmed with the extraordinary support of users since 4 years, while also expressing their responsibility towards the users.
After RBI issued a circular to stop all the crypto-trading services and the related banking transactions in India, Zebpay was forced to ask its users to withdraw their balances within a certain allowable period of time. This move highly affected the Zebpay users and the exchange as well.
The situation remains quite the same in India, as the withdrawing banking support still prevails. However, the exchange took a responsible action for its users and made an announcement to return all of its user’s money. Zebpay stated:
“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.”
Commenting on the Future, Zebpay is convinced that Blockchain is certainly great for India and for the effective functioning of the public blockchain, coins like Bitcoin is essential. It will continue to work on the effective solution to get blockchain and crypto services going by explaining the regulators and simultaneously protecting the users from any potential risks.
Reference: Zebpay Blog
Image courtesy: Zebpay-Facebook
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