Zebpay Stopped Its Exchange Services, the RBI Has Influenced It

3 min read

The famous Indian Bitcoin and altcoin exchange Zebpay has failed to maintain its position as a leading crypto trading platform in the country after being forced by the RBI to cease activity. The Reserve Bank of India limits the financial institutions to provide services to any kind of ‘customer’ dealing with crypto-based operations.

In the Twitter statement published on 28 September 2018 at 09:57 AM, Zebpay mentioned that it will stop trading services at 4 PM in the same day, but it seemed that the wallet services were still active.

The company underlined this:

“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.”

The exchange continued explaining that the RBI ban had a massively impact on the company’s activities:

“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. 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.”

As abovementioned, the Indian cryptocurrency trading platform wants to share with users that Zebpay wallet options work as before. Users still have the opportunity to deposit and withdraw crypto assets into the wallet.

In order to meet the Reserve Bank of India’s obligations, Zebpay had suspended all fiat-powered operations back in July 2018. At that time, users could deposit and withdraw assets and token without problems, while crypto-to-Rupee trading service and other virtual coins were available at 100% functionality.

Author: Adriana Midrigan

 
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