One of India’s largest crypto-currency exchanges Zebpay is reportedly shutting down the company and closing its business. The Indian crypto market faced difficulties after the Reserve Bank of India barred banks and financial institutions from dealing with virtual currencies, including Bitcoins.
“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 curbs on bank accounts have crippled our, and our customers’, ability to transact business meaningfully,” Zebpay said.
The company further stated that the exchange was unable to find a reasonable way to conduct the crypto-currency exchange business. As a result of this, the company is compelled to close its business and exchange activities.
The company, on Friday (September 28, 2018) canceled all unexecuted crypto-to-crypto orders and credited customer’s coins/tokens back to their Zebpay wallet. And further, no new orders would be accepted until further notice.