Indian cryptocurrency exchange, Zebpay said it would announce all its users’ money in fiat. The announcement came through on Tuesday. This is the third time, in the past few months, that the exchange has made this announcement.
As the cryptocurrency community was made aware, that there is a battle waging in the highest court in land between the central bank, the Reserve Bank of India (RBI) and the exchanges based out of India.
Although some exchanges such as Koinex and Zebpay found alternatives to the mandate that forbade banks from providing services to cryptocurrency exchanges, there are still some others who were caught off guard and are trying to make the best of the situation.
Zebpay, in its announcement said, “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.”
However, it must be noted that INR withdrawals would be subject to whether banks co-operated with the exchange or not.
The exchange added that, keeping in view of the customers’ interests, this would take place at the earliest and to make this transition, INR trading would temporarily be closed down on Wednesday at 5 pm. It also stated that, at the time, all the pending orders would be cancelled.
In case customers wished to update their bank details, they are advised to do as soon as possible. The exchange said, “All changes submitted by 6 p.m. on Tue 4 Sep 2018 will be updated before we process any withdrawals.”
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