One of the major Indian cryptocurrency exchanges announced to stop service

    2018/09/28 10:54 Joey huang Created with Sketch.
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Zebpay, one of the largest cryptocurrency exchanges in India announced the closure of all trading services today after the Bank of India issued a ban on the cryptocurrency industry.

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Zebpay was founded in 2015 and was originally a trading app. It quickly grew into India's most popular bitcoin wallet and trading app. The exchange deployed the KYC (know your customer) mechanism, which accumulated 500,000 downloads (Android devices) in mid-2017. In October, its downloads doubled and quickly exceeded 1 million.


At the time, the company expects to add 500,000 new users each month, and its new users have reached 200,000.


Zebpay's official website shows that its Android and iOS app has reached 3 million users, 20 supported cryptocurrencies, and 22 trading pairs.


Not long ago, there was news that the exchange was expected to receive $4 million in financing, but now it has announced that it will stop all services. The move was directly affected by Reserve Bank of India (RBI)’s decree. The agency announced that it will ban all compliant financial institutions (including banks) from providing services to domestic cryptocurrency companies.


Zebpay stated in the statement:

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 stated that all unfilled currency trading orders will be canceled and all tokens will be transferred to the user's wallet. Their wallet service will continue to operate. However, it remains unclear whether Zebpay's wallet will remain operational and provide normal service in the future.


At the end of June this year, Zebpay reminded users that after the bank ban took effect. the legal currency may not be extracted normally. The company then stopped all legal currency replenishment operations on July 4th. At the same time, other exchanges are trying to find other ways to circumvent the ban.


    Adapted from: CoinTime Executive editor: Nino
Declaration:The purpose of COINTIME in carrying out more information does not mean endorsing its view or confirming its description. The article is for reference only, does not constitute investment proposal. Investors operate on the basis of risk.
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