Earlier today one of the top exchanges in India, 'Zebpay' made an announcement that it's halting further deposit and withdrawals.
What began as a small platform 'Buysellbitco.in' in late 2012, rebranded itself in 2014 and went on to become a well known name in the industry in India.
It was the first cryptocurrency exchange company in India to cross 100K user base as well INR 500 Cr ($72.8 million) in turnover.
INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again. But please note:
- Coin / Token deposits and withdrawals are ON
- crypto-rupee and crypto-crypto pair trading is ON
Irrespective of regulations in the country they have done a good job of running a good trading platform over the past 5-6 years. They made it easy for Indians to buy and sell.
The road ahead isn't very easy in the short term but considering they all have a contingency plan I'm sure we'll see new developments in this space.
In certain closed circles it is said that the CEO will be paying the employees from his personal account as their business accounts are likely to be suspended by end of day. Atleast this is the case with one other top exchange from my source.
What else were they going to do anyway?
As someone who subscribes to the idea of decentralisation and cryptocurrencies empowering people, it saddens me that sometimes the governments elected by the people in a democracy is so distant from meeting the needs of its people.
Nevertheless, we need to keep pushing for change!
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I am thinking if this as more of a beginning than an end. I think with these restrictions in place India can possibly become the testing ground for purely crypto-to-crypto and p2p trades. There are to many parameters involved to say anything with certainty but this might be the best possible way to grow.
Lets also not forget that with millions of Indian living/traveling outside India on any given day not everybody will be cut from fiat to crypto. I know its a trickle but nevertheless......
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@firepower i heard that we can get withdrawl in INR from BITTREX....
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@firepower After reading your post, I learned a lot about Zebpay, but today Zebpay has noticed that money is not withdrawn from any bank in Zebpay, but now me do I treding in Zebpay???
?????? But now I can train at Zebpay ?????
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Hi sir any update regarding regulatory framework?
Good luck to Zebpay maybe they will find a solution like Wazirx.
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@firepower, platform 'http://www.buysellbitco.in/' became a well-known name in the industry in India. my hope continues to expand the country of India, I am from Indonesia master :)
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Sad, this is an uphill climb. How fast we are evolving in the Crypto world. Sometimes we are taking steps forward, and then things change like Zebpay. I have heard the analogy that this is the Wild West, hang on firepower this is a wild ride...... resteemed.....
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I'm going to miss Zebpay. : (
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Are you from India?
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As I know from source most of the exchanges started working on other way to keep their business on. They have to stop trading crypto currency- to -currency by tomorrow midnight. But RBI can't stop them trading cryptocurrency- to- cryptocurrency.
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Change will come my friend if we all are willing to fight for justice and willing to accept the change. This situation will not last longer. I hope the Supreme Court verdict will change the thing favorable for the crypto market in India.
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thanks for best information!
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Change is needed! Indian politics is killing the future!
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@firepower Zebpay drop anchor because of RBI recent circular but the case in the Supreme court goes in the favour of exchanges. Maybe court give stay on the RBI decision on next hearing which is held on 20th July . If court not give stay may be the exchanges definately have plan But. Another exchange of India wazirx already give blueprint for future Bitcoin transaction, if court bans the transaction of bitcoin
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Zebpay had provided great services even under worst circumstances and crypto unsupporting regulatory decision. Always supported it's user with informative updates.
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They already earned a lot of profit by fooling indian people by determining the buy/sell price difference.
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