India-based Zebpay shuts down crypto exchange business

Posted 28 September, 2018

The leading crypto trading platform Zebpay has suspended crypto operations citing the CBI's ban in the country.

According to the notice posted on the company website, the exchange will stop all activities connected with digital coins in the second half of Friday. This situation is said to fully result from the decision of the Central Bank of India which banned any crypto operations at all regulated financial institutions (in particular banks) in the country.

"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," the notice reads.

The company commented that all inquiries will be closed, and money will be deposited at users' accounts. At the same time, the exchange will keep operating its wallet, so deposit/withdrawal operations will remain available for the clients after the trading cease.

Earlier in July, the exchange announced that it would close rupee deposit/withdrawal services facing the crypto ban in India.

Zebpay was launched back in 2015. The platform has its own iOS/Android application for crypto exchange of 20 digital coins. According to the data provided by the platform, the application was downloaded by 3 million users.

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