Zebpay, one of India’s best-known BTC exchanges closed down today, possibly due to the anti-Bitcoin stand taken by the Reserve Bank of India (RBI) of late.
The firm’s official announcement on Twitter read,
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.— ZebPay (@zebpay) September 28, 2018
Read more: https://t.co/W8ygzPIYz1 pic.twitter.com/tPWCnyu7Yu
Zebpay cited the “regulatory and banking problems” in the country as the reason for this move.
Meanwhile, other exchanges in India have learned to cope up with the situation by venturing into other related services such as the peer-to-peer transaction for fiat withdrawal and deposit. The RBI’s stance on banning cryptocurrency-based companies has forced these organizations to look for other opportunities.
Nischal Shetty, the founder, and CEO of WazirX said to AMBCrypto:
“As far as the shutdown of Zebpay is unfortunate for the ecosystem because while they are our competitors we would like to have good competition so that ultimately the ecosystem benefits and even the traders get the best trades in the right exchanges”.
Though the exchange is closing down, it has assured investors that their funds will be returned.
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