It has been a few hours since Zebpay announced shutting down their exchange. Zebpay is one of the largest crypto exchanges in India which saw the volume dip drastically after RBI’s ring fencing on regulated entities.
Over the course of last six months since RBI’s controversial decision, Zebpay tried to pivot to various other solutions such as opening a crypto to crypto exchange, listing stable coin such as TUSD and also joining the battle in Supreme Court against the RBI.
But alas, only a few survive. Zebpay, earlier today announced “At 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins / tokens back to your Zebpay wallet. No new orders will be accepted until further notice.”
Zebpay is unarguably one of the biggest forces that promoted Bitcoin in India. Hence, they have the largest userbase as well. A userbase so attractive, exchanges will kill for acquisition.
Here’s how other exchanges are trying to attract Zebpay users with offers, referrals and many other options. Zebpay has increased the withdrawal fees on the exchange as well, so this becomes an added bonus for the Zebpay users looking for alternatives.
The exchange announced a rebate of withdrawal fees to all Zebpay users who choose to transfer their crypto to Coindelta wallets.
Until 2 PM on Sep 29, Zebpay users can withdraw their funds to coindelta wallet, email the screenshot from Zebpay app with transaction hash to claim the withdrawal fees back.
Coindelta is here to support Zebpay users during this hard time.— Coindelta (@coindelta_) September 28, 2018
We believe that cryptocurrency and blockchain are everlasting and it must not depart from India so soon.#journeytocoindelta #wesupportcrypto pic.twitter.com/35HceUz08r
Even Bitbns exchange has offered to refund the withdrawal fees for users who transfer cryptocurrency from Zebpay to Bitbns. Bitbns is keeping the offer open indefinitely but asking the users to either keep the crypto for 7 days in the wallets or trade with it.
A user migrating the crypto to Bitbns has to post the screenshot of the transaction with the transaction hash and a hashtag #MigrateToBitbns to receive the refund.
On every deposit to Bitbns from @zebpay the withdrawal (fees) would be refunded if the entire amount is either held for the next week or traded.@Bitbns on Twitter
This is applicable from all deposits made from 3 pm today on Bitbns on every coin we support #IfCryptoThenBitbns
Note: Due to a necessary correction on the tweet, we have not embedded the original tweet but published the content of the same with missing words in parenthesis.
Koinex exchange went on a different direction with introducing a host of new schemes that benefit both new and old users, but new users stand a chance to benefit more.
- For the next 72 hours, until 7 PM on October 1, trading is free on Koinex.
- 1000 randomly selected new users will earn INR 500 as reward
- The referral program is resurrected.
Welcoming all believers in #crypto! Keep calm & join Koinex: express KYC, free trading for 72 hours, lucrative referral program, cash reward for 1000 lucky new users! More here: https://t.co/eWIdCHPv61#LetsTradeCrypto #OneYearOfKoinex #LoveBlockchain #WhatsNextOnKoinex #Bitcoin— Koinex (@koinexindia) September 28, 2018
Now, Coindcx did not announce directly that it is putting out an offer for Zebpay users but it did put out a lucrative offer.
For the next three days, all new sign ups that deposit cryptocurrency worth INR 3000 will receive INR 300 reward.
Additionally the referral reward has been increased from One TUSD to Three TUSD.
This is a developing story, we will update the article as and when we learn about more offers. Please subscribe to our telegram channel to receive quick updates.