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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