Zebpay exchange is one of the most widely used exchanges by Indians. They use it for trading cryptocurrencies. Koinex and Coin delta are the other two mostly used exchanges.
The concept of trading cryptocurrencies stays the same. Load the amount in your preferred currency and buy cryptocurrency like Bitcoin, Litecoin, and Ethereum. The website or app automatically calculates the amount of crypto you get based on your input amount. If you want to sell your crypto-currency at the time of high rates, you can and earn money.
Previously, many providers and wallets were supporting the exchange, but the process was complicated. The introduction of Zebpay into the market increased the interest of people to trade cryptocurrencies online. Create an account, verify and load amount into wallet from banks. Buy crypto online and observe the market. Sell them and get money deposited into your wallet. Withdraw that money to your specified bank accounts.
Cryptocurrencies are neither banned nor officially allowed. Not only Zebpay, but many exchanges also had to halt their services due to banks. All these exchange apps use payment gateway companies like Cashfree and Razorpay. Banks instructed them to stop their services in the case of cryptocurrency trading. The deadline was given till 5th July where after that payment companies will not allow fund transfers.
The exchange companies have reached the Supreme Court regarding the issue. They canceled the request to grant an extension to ban date. This ultimately represents that proposed ban will initiate from 5th July.
As per Zebpay, the situation is not in control and people won’t be able to use INR to make any deposits or withdrawals till the banks approve it again.
Frauds are happening, but this is not the prominent solution. There are many other ways to detect fraudulent activities. As per the present situation, Zebpay stopped its services of deposits and withdrawals in the Indian rupee currency. Supreme Court has confirmed that it will hear a petition against the ban on July 20th.
Till 20th of July, the ban will continue. Zebpay and other exchanges will try to find alternative ways to solve the issues. The co-founder of Zebpay (Sandeep) in an interview stated that they also want to help the government to eliminate fraud activities. He Further said that
“We encourage the government to plan along with our team to reduce crimes and suspicious activities.”