Indian Crypto Exchange Zebpay Stops Working Because Of Authorities Decision
The representatives of Zebpay, a leading Indian trading platform, announced the termination of all trading operations following the ban of the country's Reserve Bank on activities in the crypto field, according to the Twitter account of the crypto exchange.
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.— zebpay (@zebpay) September 28, 2018
Read more: https://t.co/W8ygzPIYz1 pic.twitter.com/tPWCnyu7Yu
Zebpay was launched in 2015 and quickly gained popularity with the help of its app for the exchange of cryptos and the bitcoin wallet. By implementing the "know your customer" procedure by mid-2017, 500,000 people downloaded the app to their smartphones with an Android operating system. Then, this figure doubled in October of the same year.
According to the official website of the crypto exchange, the platform currently has three million clients that use applications on iOS and Android. There are 20 cryptocurrencies and 22 trading pairs in the listing.
The work was stopped as a result of the pressure from the Reserve Bank of India, therefore, all financial institutions of the country had to stop working in the field of cryptocurrencies and not to provide any services related to this activity.
The decision of the financial regulator forced the exchange to stop its operation, and now its employees cannot find a way out of this situation in order to continue their crypto business, according to the statement of Zebpay. All the crypto exchanges will be terminated, the tokens will be transferred back to the clients’ wallets, which, for the time being, will continue to work in the mode of depositing and withdrawing assets.
Earlier, the Reserve Bank of India stated that digital assets cannot be recognized as a means of payment within the framework of existing legislation.