Zebpay, one in all India’s largest cryptocurrency exchanges, is closing down amidst the country’s tight reins on exchanges and banks that employment with them.
The exchange writes in a very journal post that, “The curb on bank accounts has halt our, and our customers’, ability to interact business meaningfully. At this time, we tend to square measure unable to search out an affordable thanks to conduct the cryptocurrency exchange business.”
The banking company of Asian country (RBI) has fought a war against cryptocurrencies for years, culminating with forbidding regulated money establishments from managing cryptocurrencies. At the time, all establishments got 3 months to stop such operations. when those 3 months, in July, India’s high court refused to overturn that ban, stating that the financial organisation is associate degree attempt|attempting} to “cut off an avenue for crimes exploitation cryptocurrencies.”
This has semiconductor diode cryptocurrency exchanges to numerous struggles. Some exchanges have tried to avoid the banking ban by introducing peer-to-peer commercialism, wherever the exchange simply functions as Associate in Nursing written agreement service for direct transactions between users.
Zebpay had stopped all enactment deposits and withdrawals at the exchange on a daily basis before the banking freeze, that happened on Gregorian calendar month fifth, 2018. However, they may not continue. “Despite regulative and banking issues on our journey, we tend to continued to appear for solutions as we tend to didn't need Asian country to miss the bus of digital assets that power the general public blockchain. However, the recent past has been extraordinarily tough,” the journal post explains.
Zebpay stricken 0.5 1,000,000 downloads on the humanoid smartphone platform in mid-2017 and quickly doubled to hit 1,000,000 app downloads throughout 2017’s Bull Run in October. It currently has three million users exploitation its iOS and humanoid apps, with support for twenty cryptocurrencies and twenty two commercialism pairs, in step with its web site.
However, another major Indian cryptocurrency exchange was fast to reply to Zebpay’s announcement: Koinex took to Twitter to reply to Zebpay’s tweet with a picture that claims, “In case of emergency, break glass,” sporting the Koinex brand. Some promoting opportunities square measure too smart to allow them to pass you by.