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Crypto Currency Exchange Zebpay is Closing Down

29Sep By Gauri SinghNo Comments

BUSINESS

Crypto Currency Exchange Zebpay is Closing Down

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. A...

India’s Top Banks Suspended All Leading Bitcoin Exchanges Bank Account

India's leading banks suspended some accounts of major Bitcoin exchanges in India. According to the sources, the reason of this move is suspicious transactions from exchanges side. Banks who suspend bitcoin transaction accounts are State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and Yes Bank. The accounts of cryptocurrency exchanges/platforms in the country such as Zebpay, Unocoin, CoinSecure, BtcxIndia, among others are cancelled. These banks have also capped cash withdrawals for the few accounts which are operational, , the Economic Times reported citing multiple sources. Also no bitcoin exchanges reply on Pixr8's mail during the time of publishing the news. Queries sent to the banks taking the action also did not elicit any response. Eight accounts have likely been su...

Bitcoin Wallet Zebpay Crosses Rs 100 Cr Turnover

Bitcoin wallet firm Zebpay today said it has crossed Rs 100 crore turnover within 10 months of operations as more Indians are going for the digital currency. "In only 10 months, the company has crossed Rs 100 crore turnover in April 2016," Zebpay said in a statement. Zebpay, a Bitcoin app, deals with Indian customers only and it has made PAN number a must for users for opening of wallet, company co-founder Sandeep Goenka said. Bitcoins are digital money and their value is determined o the basis of their demand and supply. The digital money is limited in numbers. Only 21 million Bitcoins can be generated globally and they can be traded even infractions, up to eight decimals. The last bitcoin will be generated in 2140 but 99 per cent would be already there by 2040. At present, the va...