Zebpay shuts down its crypto exchange

Zebpay shutdownA major setback for all the crypto traders of India as the country’s favorite crypto trading app Zebpay finally shuts down trading.

The decision came in effect after the Zebpay management was unable to process request from its users’. This was the result of the harsh bureaucracy of the central bank of the country.

This year, a lot of development between the Supreme court and the RBI kept the crypto community under great confusion.

As the bureaucracy failed to release the final draft for the future of crypto trading in India in time. The RBI released a notice warning all the major banks to stop services to crypto trading platforms within the country.

This was the case of July’18, where adhering to the RBI directive Zebpay halted the in-app banking transactions.

But yesterday came the big blow, Zebpay shutdown its exchange.

But why??

A transcript from Zebpay’s blog announcing the shut down has it.

 

The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully.
Yes.

The inability of India’s banking system to cope up with the world of crypto-currency and regulate it was the exact reason for it.

The Supreme court of India, which has been hearing a petition asking halt on the RBI directive also has been delaying its final decision.

Zebpay has played a major role in bringing crypto to everyone’s reach in India and have been the most trusted crypto trading app.

The decision published by Zebpay yesterday on 27th September 2018 read:

 

Even though the exchange has shut down, Zebpay wallet will be functional and the users would be able to deposit/withdraw coins/tokens