ZebPay, which is the leader of Cryptocurrency exchanges in India announced that it is closing all the exchange services on Friday after the central bank’s banking ban on the crypto industry.
Later in April, Reserved bank of India was issued a circular commanding all the regulated financial institutions to stop offering services to those businesses and individuals who are dealing in cryptocurrencies over three months.
In the latest announcement, ZebPay said,
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.
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
All unexecuted crypto-to-crypto orders will be canceled, Zebpay added, with all tokens to be credited back to customers’ wallets. The wallet service “will continue to work” for customers to deposit and withdraw their coins, the company said.
Zebpay was started way back in 2015, and soon it became one of the most downloaded bitcoin wallet and exchange apps. By launching its know-your-customer (KYC) model, Zebpay had hit more than half a million downloads on Android in the middle of 2017 and then it reached more than 1 million downloads at the end of 2017.
Zebpay was adding half a million users every month during that time from 200,000 new users joining the platform. Zebpay describes that it has 3 million users on its iOS and Android and it offers support for 20 cryptocurrencies and 22 trading pairs.
In June 2018, Zebpay warned that fiat withdrawals can soon end due to threatening banking ban which took effect from July 5, 2018. Just a day before the banking freeze, the firm has stopped all the fiat deposits and withdrawals at the exchange. Various other crypto firms are finding a solution to bypass the ban.