BY CNA Team - September 28, 2018
India’s biggest crypto exchange to stop working
Zebpay, an Ahmedabad, India-based crypto exchange, announced that it will be stopping all exchange activities from 4pm, Sept 28.
Zebpay says in a blog posting that the curb on bank accounts has crippled the company’s and its customers’ 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,” it says, adding that the recent past has been extremely difficult.
It says that from 4pm on Sept 28, all unexecuted crypto-to-crypto orders will be cancelled and the company will credit all coins back to the customers’ wallets. “No new orders will be accepted until further notice,” it says.
To recap, the Reserve Bank of India had banned all financial institutions from dealing in cryptocurrencies from April 6 and gave them three months to exit operations.
The ban has been in effect since July 6 when all transactions involving crypto-related businesses and banks stopped after an earlier petition to remove the ban failed.
Zebpay says that the wallet service will continue to work even after the exchange stops and that customers are free to deposit or withdraw coins/tokens from their wallets.
Image courtesy of Zebpay website.