Big Blow to India Cryptocurrency Future, India’s Leading Cryptocurrency exchange Zebpay is closing down its exchange related activities. Zebpay was one of the leading exchange when it comes to the volumes it used to have. After the Announcement of RBI & no fresh news from Supreme court, it seems its a dark future ahead for Crypto Investors in India.
Here’s what Zebpay had to say:
Zeb IT Service Ltd has played a pioneering role as a cryptocurrency exchange in India. Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app. Your trust has been the pillar of our strength. Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain. However, the recent past has been extremely difficult. 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. At 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins / tokens back to your Zebpay wallet. No new orders will be accepted until further notice.
Please note that the Zebpay wallet will continue to work even after the exchange stops. You are free to deposit and withdraw coins / tokens into your wallet.
I have also invested a few of my Money in Cryptocurrency. HODL my friends. Thank you all reading & do share your thoughts in the comments below.