Crypto exchange Zebpay caught its users by surprise by announcing to stop all trading on its platform. The exchange which is one of the major Indian cryptocurrency exchanges took this decision citing extremely difficult conditions that it encountered post the RBI ban. The exchange published the official announcement on September 27 in a blog.
It mentioned in its announcement the challenging conditions it encountered attempting to process customer orders under the prevailing circumstances. The exchange, however, gave several hours notice of its decision. The exchange mentioned in its blog that it strived to look for solutions as it didn’t want India to lose out on the prospects of digital assets that power the public blockchain. However, it stated that the past few months have been extremely challenging.
Crypto exchange Zebpay wrote that RBI’s ban on bank accounts crippled its ability as well as that of its customers to transact business in a meaningful manner. It further added that at this juncture, the exchange is unable to find a reasonable way to carry out the cryptocurrency exchange business.
The exchange halted fiat operations in the month of July. However, it was hopeful that a change in conditions would allow a new banking partner to take over the necessary services. The Supreme Court of India is still grappling with the final appeals against the RBI ban, as stated in the Cointelegraph report.
Using the Zebpay app, lakhs of Indians took their first step into the world of Bitcoin. The exchange, in fact, continued operating despite regulatory and banking problems along its journey. However, it mentioned in its post that the exchange is finding the present circumstances too challenging and hence made this move.
The Zebpay crypto exchange stated that from 4 P.M. September 28, it canceled all unexecuted crypto-to-crypto orders and credited the tokens of the users back to their Zebpay wallet. It stated that it won’t be accepting any new orders, until further notice. The exchange, however, mentioned that the Zebpay wallet will continue to work even after the exchange ceases its operations. It added that users are free to deposit and withdraw tokens into their wallet, as mentioned in the Zebpay blog.[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. ]