India’s first crypto-currency exchange, Zebpay closed it’s trading activities on September 27th, 2018 due to strict norms of Reserve Bank of India against virtual currencies.
Zebpay has been facing troubles in trading ever since RBI in its circular named Prohibition on Dealing in Virtual Currencies (VCs) barred registered financial institutions and banks to deal in crypto exchanges.
After RBI’s instruction, the prices of the crypto market dramatically slipped.
The company in a blog posted, “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. As a result, we are stopping our exchange activities. At 4 pm today (September 28, 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins/tokens back to your Zebpay wallet. No new orders will be accepted until further notice”
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
The company has cited RBI’s norm and exchange’s inability to deal in cryptocurrency as top reasons for shutting the trade.