Zebpay, an Indian cryptocurrency exchange, announced on 4th September, that all INR which has been sent to the platform for trading will be returned to its users.
To execute the return of all INR, the exchange intends on collaborating with all the banks associated with them. After this, all unresolved INR associated orders will be canceled and the INR will be transferred back to the users’ individual bank accounts.
For a brief period, Zebpay will stop all trading pairs with INR starting with the 5th September, at 5:00 PM IST. This will be followed by the cancellation of all pending orders involving INR pairs. The exchange plans on returning all of the fiat currency back to their owners as quickly as possible, if the banks in association with Zebpay comply.
The exchange platform announced this decision in consequence to the ban issued by the Reserve Bank of India earlier in April which forbade all of the country’s banks to have any involvement in cryptocurrency transactions.
Even though Zebpay plans on taking this course of action, the exchange has stated that they will keep on engaging government institutions, regulators, and other relevant bodies to help further the adoption of blockchain.
The platform posted on their official Medium page the following:
“Zebpay crypto wallets will continue to work, and you are welcome to hold your coins and tokens with us. Of course, if you want to withdraw (or deposit) crypto, you can always do it as you choose.”
Zebpay also stated that just the trading that involves INR [Indian Ruppe] will be halted. All other crypto-to crypto trading will be available like they were up until now. Also, all INR deposits will also be halted.
“If our banks support us, we intend to send back all the money to users without any specific action from them,” said Zebpay.