Zebpay, one of India’s biggest crypto-currency exchanges. On Friday, announced the shutdown of its business. The global crypto market slump, one of the biggest cryptocurrency exchanges in India, has shut down operations following the regulations imposed by the Reserve Bank of India earlier this year.
On Friday, Zebpay tweeted
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) September 28, 2018
“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”, the company added on the official blog.
The Reserve Bank of India(RBI) has been unsympathetic to virtual currencies(VCs) for years. A stance that hardened shortly after a price boom in late 2017 piqued investor interest in bitcoin and other cryptocurrencies. In April 2018, the central bank cracked down on the ecosystem, asking lenders to “not deal with or provide services to any individual or business entitles dealing with or settling VCs.”
Back then, Zebpay was among the cryptocurrency exchanges which lowered the quoting price of Bitcoin significantly by listing its exchange value at Rs 3,75,580, compared to its international value of RS 4.29lakh at that time.
Zebpay has assured that despite halting the cryptocurrency exchange business. The wallet will be functional, allowing customers to initiate a transaction using their crypto coins and tokens for making online purchases or investing in a venture. Also, Zebpay’s existing customers will be able to conduct deposit and withdrawal from their wallet.