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Defunct Crypto Exchange Zebpay Co-Founder Facing Criticism For His BTC Prediction

Defunct crypto exchange Zebpay’s co-founder, Sandeep Goenka is facing criticism for his recent Bitcoin (BTC) prediction on Twitter. Goenka who has recently shut down his Bitcoin exchange in India said he’s still optimistic towards Bitcoin, the digital currency that began the financial decentralization movement.

The Zebpay co-founder in his latest tweet stated that he is more bullish on Bitcoin than he ever was. Goenka isn’t the first investor or entrepreneur who has expressed a positive bias towards Bitcoin. However, this comment of his came at a time when his exchange, Zebpay is already facing criticism from its users for shutting down its services without warning.

The Zebpay crypto exchange had asked the users to cancel their existing crypto-to-crypto orders on September 28, the day they made the shutdown announcement. This irked the users who accused the exchange of not giving them enough time to withdraw their funds and also for charging high withdrawal fees. Zebpay, however, assured its users that the exchange will continue functioning as a wallet service.

Sandeep Goenka’s recent tweet on Bitcoin seems to be an effort to create a right balance between the regulators and the crypto community.

Goenka has always been vocal about the need to regulate cryptocurrencies. Unlike many of his peers in the Indian Bitcoin community, he never pretended to hold the government’s collars for it, as stated in the NewsBTC report. In fact, Goenka spoke in favor of regulations and defined his exchange’s role in complying with KYC and AML regulations, at a time when it was not mandatory for Bitcoin exchanges to be compliant.

However, ironically, Goenka’s above words contradict now, considering the Zebpay crypto exchange no longer exists. In fact, it clearly depicts that Zebpay and its team eventually bought into RBI’s pressure and quit the crypto sphere once and for all. The exchange’s departure has further reduced the credibility of Goenka and his team. Thus his latest comment of being bullish on BTC becomes meaningless to the Indian crypto community, as stated in the Bitcoin Exchange Guide report.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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