One of the largest cryptocurrency exchanges in India, Zebpay, is shutting down its exchange activities due to the crypto banking ban imposed by the country’s central bank. “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,” Zebpay wrote.
Zebpay announced on Friday the shutdown of its popular crypto exchange, which according to its website has over three million users.
“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,” the exchange wrote. However, Zebpay admitted:
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.
The exchange is canceling all unexecuted crypto-to-crypto orders on Sept. 28 at 4pm (Indian time). Customers’ cryptocurrencies will be credited to their Zebpay wallets. “No new orders will be accepted until further notice,” the exchange clarified but noted:
Zebpay wallet will continue to work even after the exchange stops. You are free to deposit and withdraw coins / tokens into your wallet.