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Zebpay calls it a day! Shuts down the Exchange Business, to continue with their Wallet Service

India's leading Cryptocurrency exchange has called to stop their exchange business and to only run with their wallet services citing reasons of inoperativeness and problems to operate in India

India’s leading exchange announced over twitter to call of their Exchange Business and only continue with their Wallet Business.

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.

They also shared a medium article in this regards,  the medium article is read below.

Dear User,

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.

 

This step coming up out by the leading exchange in India has triggered lot of speculations in the Indian with respect to the upcoming regulations and the future of operations of any such Asset Exchange and their legality.

It is evident event to witness with the Indian Supreme Court to give its judgment over the RBI Ban over using of Banks Transaction on the Exchanges putting a shutter down of the leading exchange has already given a reason to the Indian Blockchain Community to look up to the various aspects of the developments and adoption of the Technology.

 

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