Zeb IT Service Ltd, the company behind India’s Zebpay bitcoin and cryptocurrency exchange has announced that the hindrance on its bank accounts has paralyzed customers ability to transact business meaningfully.
As a result, the company reports it is stopping its exchange activities. At 4 pm Indian time today (28 September 2018), it will cancel all unexecuted crypto-to-crypto orders and credit users coin/tokens back to their Zebpay wallet.
No new orders will be accepted until further notice.
The Zebpay wallet will continue to work even after the exchange stops. Users are free to deposit and withdraw coins/tokens into their wallet.
The Zebpay team said:
“At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app. Your trust has been the pillar of our strength. 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.”
There are many other exchanges in India which focused on building without the need of fiat by creating a diverse marketplace of crypto assets. This pulled users away from Zebpay as allowing users to transfer in and out of rupee was their specialty.