Bitcoin Forum

Zebpay, India's largest cryptocurrency exchange, is yet again under the radar and as a crypto enthusiast, I felt that this requires your attention.

A string of emails, bending the RBI regulations, manipulation of price, and what not! Zebpay this time has either played a big game or is genuinely
concerned about its users.

The article points out why the 6 emails sent to its users seem fishy and includes how they impacted the price of Bitcoin massively, causing it to
fall by more than 1 Lac INR (~1500 USD)

I don't think they are concerned. They have successfully manipulated the price of BTC in India and they are getting their profits from there. No other exchange has sent any mail which states anything about banning crypto in India.

This is how Indian exchanges sucks time to time. Here zebpay is manipulating market and on another side user are reporting, Koinex started charging for KYC and password change.
It shows their intention of sucking money of user. A strong regulation is required on these exchanges.

Is there any Indian exchange which is not playing with ppl.  They are very much money minded.

But its true that RBI has issued notice to all exchanges that its going to withdraw all banking connections with the exchanges by 5th of July.

Zebpay frankly is being safe. They are one of the most recognized marketplaces in India and they have to keep themselves and the users safe, rather than showing confidence in open air, because how much ever the size is, it isn't bigger than the rules that will be laid by the govt. They will be back to the normal positive side if the govt. regulations are flexible, but if it goes otherwise, Zebpay will feel proud of how they kept their users aware about the situation already.

Remember, Zebpay didn't ever give you a suggestion to invest or hold your investments.

This is simply manipulation. If you want, transfer your investment to some other exchange and sell it and take the profile/loss. It's totally upto us. And may be they are concerned to not to be called at fault in later stage as they have already sent multiple reminders to take out your money. Let's hope that our justice system will take some decision in our favor.

Zebpay is worst exchange you can trade on, they are simply looting our money, you can't directly buy or sell to a person instead you do it with Zebpay as intermediate, and thus sometimes the buy and sell price difference is more than 20-30% which is ridiculous. I'd say use bitbns, joined or wazirX exchanges.

Zebpay's move is serious concern while all other exchange working good , Do they really caring about customer or just running off taking the advantage of current situation .

According to me, it was best decision. RBI notification gave 3 months grace. It's finishing today, so they informed their customer on time, who want to withdraw can do on time because later they won't be able to process their withdrawal in INR.

Those who are bitching about the zebpay manipulating the prices and earning profit on premiums, are easily forgetting one thing that everyone did that. Even now one could notice that bitcoin vendor try to earn via premium amount.  As far as zebpay is concerned they overdid it. At the same time they also managed to give decent support to their customers.

Informed and stopped suddenly are two different thing , They stopped Deposit and withdrawal of INR which is not good decision , at least should give their customers some time to withdraw to banks , Stop deposit of INR and allow withdrawal of INR with a notice , Or possibly do all customer's assets withdrawal automatic to their registered bank before this stoppage , similar mechanism in place in Bitbns and i am glad there is zero issue till date for their deposit and withdrawal of INR .

They informed 2 weeks ago and stopped depositing/withdrawal today. So they gave enough time everyone. Not like other exchanges who did not talked about this.

Even if the fiat currency is stopped they can at least start the crypto trading and we can withdraw the bitcoins and trade them on person two person trading exchange so their won't be any problem in selling And buying bitcoins

Lots of peoples already doing man to man trade in my area

Seems true as on July 06, a near-complete crackdown—at least temporarily—on cryptocurrencies will take hold in India. The RBI has instructed banks to shut down all accounts, including those of investors, that deal with bitcoin and other similar currencies. And with bank accounts frozen, all rupee-related trade will come to a grinding halt, bringing down overall volumes.

Now it seems like Zebpay was correct. Nothing happened. Mutual funds is the only available option :D

Seriously newbie possibly with Paid advertisement or new scam project . People can use LBC for their needs , so far Bitbns giving INR withdrawal smoothly as usual .

So far till date Bitbns withdrawal smooth as usual . Not sure why Zebpay suddenly closed all . And Zebpay hinted about it yes but seeing Coindelta , Bitbns running smooth giving clear picture of Zebpay's intentions . If all exchange down for bank disruption then all official exchanges in India should be down by now . But why Zebpay closed shopped first that's the question .