Zebpay Announced Closure of Its Bitcoin Exchange Business Following India’s Ban on Crypto Related Services
Leading Indian Bitcoin and cryptocurrency exchange app Zebpay has announced that it will be stopping its exchange business effective from today, September 28. The move follows the ban imposed by the Reserve Bank of India (RBI) for all regulated financial institutions – including banks – from providing any service in relation to cryptocurrencies.
Launched in 2015, Zebpay quickly became one of the country’s most-downloaded bitcoin wallet and exchange apps. According to the company, it has played a pioneering role as a cryptocurrency exchange in India.
We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.
— zebpay (@zebpay) 28 September 2018
“Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain. However, the recent past has been extremely difficult. The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,” the company said in a statement.
Zebpay wallet, however, will continue to work, with users being able to deposit and withdraw coins.
Cryptocurrency players in India suffered a setback in July with the Supreme Court declining to offer interim relief on RBI’s policy restrictions imposed in April.
Despite its tough stance on the new industry, in August the RBI has formed a new unit within the central bank to beef up its own intellectual capital in the face of emerging technologies like cryptocurrency, blockchain and artificial intelligence.
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