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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