Zebpay, India's largest cryptocurrency exchange shuts down once RBI's Bitcoin ban

28 Sep 2018 : Zebpay, the most important cryptocurrency exchange in Bharat, these days proclaimed the closure of
its activities. The move comes 5 months when tally illegal banks from providing money services to crypto exchanges. The Finance Ministry, earlier this year, had same that commerce in Bitcoin and virtual currencies don't have any protection.

"At 4 p.m. these days (28 September 2018), we are going to cancel all unexecuted crypto-to-crypto orders and credit your coins/tokens back to your Zebpay case. No new orders are going to be accepted till additional notice, the crypto exchange same during a diary post.

The crypto exchange, however, same its Zebpay case can still work even when the exchange stops. "You area unit unengaged to deposit and withdraw coins/tokens into your case," it said.

"Lakhs of Indians took their initiative into the globe of Bitcoin exploitation the Zebpay app. Your trust has been the pillar of our strength. Despite regulative and banking issues on our journey, we have a tendency to continuing to appear for solutions as we have a tendency to failed to need Bharat to miss the bus of digital assets that power the general public blockchain," the corporate same during a diary.

"However, the recent past has been extraordinarily tough. The curb on bank accounts has lame our, and our customer's, ability to interact business meaningfully. At now, we have a tendency to area unit unable to seek out an inexpensive thanks to conduct the cryptocurrency exchange business," it added.

After the RBI's April-5 circular, Zebpay had disabled the rupee deposit and withdrawal choices on its mobile app.

The RBI's circular came when it absolutely was discovered that the many corporations had started dealing in over thousands of digital currencies that, the govt. and also the tally claim, had no intrinsic worth - so going away the investors in danger. The RBI's move was an effort to ring-fence regulated entities from the risks related to cryptocurrencies.

In a statement issued last year in Gregorian calendar month, the Finance Ministry said: "Virtual currencies don't seem to be backed by government enactment. These are not monetary system. Hence, VCs don't seem to be currencies. These are being represented as 'Coins'. there's but no physical attribute to those coins. Therefore, VC area unit neither currencies nor coins."