Indian exchange Zebpay has decided to return all the money users had deposited in their INR wallets. The INR will be sent back to the users’ linked bank accounts in the next 4-5 days. The decision comes amidst the continued stalemate around RBI’s draconian decision to remove cryptocurrencies from India’s banking system. The news also means that Zebpay will cancel all existing outstanding INR trading orders. However, crypto-to-crypto trading will remain unaffected and users can trade on its platform. In addition, Zebpay users can continue to hold cryptocurrencies in their wallets, and also deposit and withdraw cryptocurrencies.
Zebpay has said that it is in discussion with regulators to ensure that India can participate in the blockchain and cryptocurrency revolution. The exchange is exploring other solutions to enable users to trade crypto safely. However, CEO Ajeet Khurana has confirmed that Zebpay will not launch the P2P trading mechanism.