India's leading cryptocurrency exchange Zebpay, has finally shutdown its operations as trading platform. Due to the regulatory war going on in India between RBI and crypto-platforms, this wasn't unexpected. Addressing to his costomers, in an announcement on Friday, Zebpay said,
"Your trust has been the pillar of our strength. 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. As a result, we are stopping our exchange activities. 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 was launched in 2015 and attracted many Indian investors towards cryptocurrency trading specially Bitcoin. The exchange had an annual turnover of Rs. 500 crore in less than 2 years and hit 200,000 app downloads. Zebpay added Ethereum in February 2018 to attract more customers. In the light of Reserve Bank of India circular: DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 6, 2018, Zebpay warned its customer about stopping of Rupee Withdrawals due to RBI regulations. Yet, nightmare turning to real today is a shock for Indian cutomers involved in crypto trading.
Nevertheless, the Zebpay wallet will continue to work even after the exchange stops. You are free to deposit and withdraw coins / tokens into your wallet.
Read more on blockchain in India:
* India and blockchain technology
* India will explore the use of Blockchain technology, will not consider cryptocurrency as legal tender
* Blockchain Research Institute (BRI) signs MoU with NASSCOM for blockchain innovation in India
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