Leading cryptocurrency exchange of India Zebpay is shutting down all of its exchange services on Friday following the ban on the crypto industry by the central bank of India.
Zebpay was launched in 2015 as an app-only service that quickly became the most-downloaded bitcoin wallet and exchange app of India. It had a know-your-customer (KYC) model of operations and achieved the mark of half a million downloads on Android and towards the mid-2018 Zebpay quickly doubled to with a million app downloads amid the bear run of October 2017.
Its website claims that Zebpay exchange has 3 million users on its iOS and Android apps, along with 22 trading pairs and 20 cryptocurrencies.
Zebapay is now stopping all of its exchange related services at 1600 local time on Friday. This step can be seen as a direct consequence of the Reserve Bank of India’s decision to an institution like of banks from providing services to domestic crypto industry.
The announcement from Zebapy sais, “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.” adding, all the unexecuted orders for crypto-to-crypto will be canceled along with all the tokens to be credited back to customers wallet. But the wallet service will continue to function for users to deposit and withdraw their coins. Meanwhile, we have to wait to see if wallet gains development support in coming days.
Last June, Zebapay issued a warning saying that fiat withdrawals could become impossible ahead of the banking ban which took effect from July 5, 2018. Just a day before Zebpay halted all fiat deposits and withdrawals while other Indian exchanges are functioning by finding novel ways around the ban.