Bitbns, a cryptocurrency exchange in India has decided to attract users from the recently closed exchange Zebpay.
According to reports, Bitbns made an announcement asking Zebpay customers not to worry about their recent predicament. The exchange asked the customers to join their platform in order to continue trading n cryptocurrencies.
Zebpay, one of the largest cryptocurrency exchanges in the country decided to halt its operations on Sunday. The exchange claimed that they decided to close shop due to extremely difficult conditions facing crypt exchanges in India. Zebpay was among the few exchanges that were still operating the country. In July, Zebpay closed down fiat transaction after the Reserve Bank of India (RBI) imposed a ban on all the domestic banks not to offer services to exchanges. Like many exchanges, Zebpay moved to peer-to-peer transactions to allow people in the country make transactions despite the ban.
Zebpay decision comes as a surprise to many investors in India. Currently many are still the dilemma and do not have an idea what steps they need to take. Bitbns had decided to jump in and help Zebpay customers by offering them an opportunity to jump ship and join their platform.
According to Bitbns official statement, the recent closure of Zebpay is a huge blow to the cryptocurrency community in India. Bitbns stated:
“We at Bitbns, understand the plight of hundreds of thousands of cryptocurrency holders and traders in this unfortunate hour, and that is why we are here to help Zebpay users migrate their funds to Bitbns.”
The exchange is offering to repay Zebpay customers back the amount they will be charged to withdraw from the exchange on the different tokens. Bitbns stated that every new member from Zebpay would be refunded the withdrawal amounts if they remain in the exchange for a one-week period.
Zebpay is not the only exchange being affected by the recent ban on crypto exchanges. Many have had to count their losses and closed shop completely whole others have developed ways around RBI ban. RBI issued a ban in April ordering all domestic banks in the country not to offer services to cryptocurrency exchanges. The central bank decision was aimed at reducing crypto crime-related activities in the country, which had become quite popular. The authority believed that the high crime rates associated with the industry were on the verge of causing a drastic change to the country’s economy.
However, some people in India including many exchanges believe the decision was irrational many sought to have the ban lifted with the matter proceeding to the Supreme Court. The Supreme Court is yet to make a decision on the matter.