Zebpay, India’s leading cryptocurrency exchange has announced the covering of all exchange services on Friday following the national bank’s banking ban on the crypto business.
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
Started in 2015, Zebpay began exchanging with an application just administration that rapidly wound up one of India’s most-downloaded bitcoin wallet and exchange applications. With a know your customer (KYC) demonstrate, Zebpay struck a large portion of a million downloads on Android – the nation’s most-mainstream cell phone stage – in mid-2017 and immediately multiplied to hit a million application downloads amid 2017’s bear kept running in October.
The organization anticipated up to a large portion of a million new clients joining the stage each month at the time, up from 200,000 new clients as of now joining the stage.
On its site, Zebpay demonstrates it has 3 million clients utilizing its iOS and Android applications, with support for 20 cryptocurrencies and 22 exchanging pairs.
Reputed to be in converses with raise an extra $4 million in financing at one phase, Zebpay is currently stopping all exchange services at 1600 nearby time on Friday. The move is an immediate outcome of a devastating strategy presented by the Reserve Bank of India (RBI), India’s national bank, to drive all directed money related organizations – including banks – from offering services to the local cryptocurrency industry.
In a declaration, Zebpay stated:
The check on bank accounts has crippled our, and our customer’s, capacity to execute business genuinely. Now, we can’t locate a sensible method to lead the cryptocurrency exchange business.
All unexecuted crypto-to-crypto orders will be dropped, Zebpay included, with all tokens to be attributed back to customers’ wallets. The wallet benefit “will keep on working” for customers to store and pull back their coins, the organization said. In any case, it stays to be checked whether wallet picks up improvement support later on.
In late June, Zebpay cautioned that fiat withdrawals could wind up unimaginable in front of the approaching banking ban that took impact on July 5, 2018. Multi day before the banking freeze, the organization stopped all fiat stores and withdrawals at the exchange. Different exchanges, in the interim, are discovering novel approaches to go around the ban.