Indian trading platform Zebpay announced the closure of the exchange service. The reason is the restrictive policy of the central bank in respect of cryptocurrencies.
The exchange of cryptocurrency on the platform will be stopped on September 28 at 16:00 local time. All unsettled orders will be canceled, and funds will be credited to customers on Zebpay wallets.
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.
Despite the halt of operations on the exchange , Zebpay's wallet functions will be retained.
Zebpay started operation in 2015. The platform app quickly became one of the most popular in India. The total number of downloads Zebpay for iOS and Android-devices reached a mark of 3 million. The application allowed to work with 22 trading pairs on the basis of 20 cryptocurrencies.
In July, the Indian exchange Zebpay suspended the withdrawal of the currency against the backdrop of restrictive measures by the authorities and, in particular, the ban on the provision of banking services to cryptocurrency companies.