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India’s largest crypto-currency exchange platform Zebpay, on Friday, has announced that “Zebpay is shutting down its exchanges businesses.”
The statement has come six months after the RBI’s new regulations on virtual currency exchange business, where the RBI has imposed stringent rules and regulations on dealing with exchange on cryptocurrency. The new regulations have tightened the hands of banks to do businesses with the crypto-currency exchange platforms, thereby restricting big bull’s of Indian crypto-currency exchange platforms to work seamlessly.”
In a statement issued by Zebpay has said “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.”
“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 digital assets’ bus that power the public blockchain. However, the recent past has been extremely difficult,” The crypto firm added further.
According to Zebpay’s official statistics, the company have 3,00,000 registered users on (iOS and Android platform) and 100,000 users who are joining the platform every month, Zebpay currently trades 20 cryptocurrency and 22 pairs.
In an email sent to us, Zebpay has mentioned that “Zebpay’s wallet business will work even after shutting down its exchange business.”