New Delhi (Sputnik): Zebpay, one of India's biggest cryptocurrency exchanges, announced the closure of all its services on Friday. Zebpay said that due to the prohibition imposed by the country's central bank on cryptocurrency exchanges from opening bank accounts, it is unable to sustain the business anymore.
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"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," Zebpay said in a statement.
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
Read more: https://t.co/W8ygzPIYz1 pic.twitter.com/tPWCnyu7Yu
Nevertheless, the Zebpay wallet will continue to work even after the exchange closes down. "You are free to deposit and withdraw coins/tokens into your wallet," the crypto firm added.
"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," Zebpay's statement further read.
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India's cryptocurrency exchanges had filed a case in the Supreme Court of India against the RBI order and other government agencies seeking direction to continue their operations. The Supreme Court is yet to issue a ruling on the matter.
