Zebpay Shuts Down Crypto Trade In the midst of Extreme Difficult Conditions
India's top digital currency exchange, Zebpay has reported to closed down its activities as a trading stage on 28th Sept. The organization reported this because of the cryptocurrency ban enforced by the central banking institution of India – the Reserve Bank of India (RBI) this is the largest commercial bank in the nation that has altogether halted the crypto industry in the nation. After the closure only Zebpay's computerized wallet office will still function for clients.
Zebpay Exchange Closes yet Wallet Services Still Operational
Zebpay updated its clients expressing the organization will quit working as a trade. Nonetheless, they consoled clients that the pending requests and account balances will be naturally deposited into Zebpay wallet and not any more new requests will be acknowledged.
As one of India's largest cryptocurrency exchanges, stated that they are not ready to continue trading in the nation because of
"harsh guidelines and bank-related issues."
In any case, the clients will have the capacity to access the Zebpay wallet even after the crypto trade ends.
Propelled in 2015, Zebpay, kept in touch with its clients:
"The control on financial balances has disabled all services, and our clients’ capacity to execute exchanges genuinely. Now, we can't locate a sensible method to operate the virtual currency trade. Accordingly, we are ceasing the trade exercises. At 4pm on 28th Sept, we’ll terminate all incomplete cryptocurrency-to-cryptocurrency requests and deposit any balances into your Zebpay wallet. There will be no further requests acknowledged till otherwise."
Zebpay Trade 101
At first, Zebpay began BTC to Indian Rupee exchanging with an android application that got an enormous push and turned into a main BTC wallet and trade application in the nation. In any case, the organization confronted a decrease in downloads subsequently to effecting the Know Your Client (KYC) system.
However, in Dec last year, the number of application downloads soared, making it the nation's most downloaded cryptocurrency wallet application.
In April last year, the organization had empowered crypto-to-crypto exchanging on its stage providing a superior alternative for cryptocurrency clients in the nation. Around the same time, the RBI implemented a very harsh approach of hindering all financial institutions to end their business associations with cryptocurrency trades and organizations. This approach has caused a lot of frenzy in the cryptocurrency space in India.
Moreover, clients in the nation experienced a noteworthy mishap in July 2018 when the Highest Court rejected the request help reprieve on RBI’s boycott of April, for now, the last decision is as yet to be made.
In the midst of the severe cryptocurrency controls and bank issues, the trade had incorporated 20 advanced monetary forms and 22 exchanging sets so far to encourage brokers and pull in more clients
After the sudden change of circumstances in India’s cryptosphere, Zebpay has recognized that it can't continue functioning as a cryptographic money trade.
In the meantime, the nation's most top legal medium the Supreme Court of India has been deferring ruling on the RBI boycott that will choose the destiny of India's cryptocurrency industry.
Ajeet Khurana, President at Zebpay, has not commented further on the issue after the ‘shutting down’ announcement by the time of publishing.