One Of India’s Biggest Crypto Exchanges Zebpay Shuts Down All Services Today

Major cryptocurrency exchange Zebpay announced that it is stopping all of the exchange services in the latest cryptocurrency news today, Friday 28^th.

Zebpay is one of India’s biggest cryptocurrency exchanges and today it’s shutting down all services right after the ban from the central bank on the crypto industry. Launched back in 2015, Zebpay began offering trading services via app service that was the most downloaded app in India that offered wallet and trading services. Zebpay hit half a million downloads on Android and later in 2017 it quickly doubled to a million app downloads in the middle of October.

Zebpay believed that nearly half a million new users will join the platform every month. They also indicated that 3 million users are currently using the iOS and Android apps that support more than 20 cryptocurrencies and 22 trading pairs.

Rumors were spread that Zebpay is set to raise an additional $4 million in funding but not it’s stopping all the exchange services and this move is believed to be a consequence of the policy that the Reserve Bank of India forcing all regulated financial-banks included, to stop offering services to all domestic cryptocurrency industry.

In their announcement Zebpay stated:

‘’The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.’’

The wallet service, however, will continue to function properly so customers can still withdraw and deposit their coins. It is still unknown whether the wallet will further develop in the future.