Quote from: elenora on September 05, 2018, 05:32:23 AM

Indian Cryptocurrency Exchange Zebpay Plans to Return All User's Money

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."

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Really glad you shared the news and one more latest update is that they had stopped TRUE USD trading.
As stated zebpay does not use and never had used the p2p platform in its exchanges so trading was quite fast.
But one thing the prices were always high.
I don't think the people who were holding money and couldn't withdraw had already transferred their funds through true usd by gladly/voluntarily buying TUSD at high price because when the news came and panic started i don't think people waited for this day.
And as the supreme court decision is on the way just a few days to go,making such announcements will rarely do any benefit to the users.
Its just a simple way/strategy to remain in good note and keep its customer base.

As soon as they published this news they made the prices far below the prices listed in other exchanges.
So if any people had stuck with any crypto they too have to now sell in lower price.

ITS nothing just simple business.

Have a nice day all.