Zebpay Shuts Down Its Platform

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Zebpay is a cryptocurrency exchange platform which was one of the most popular in India. “Was”, because due to the country’s banking ban it had to be shut down.

The legal situation of cryptocurrencies around the world

The fight between cryptocurrency businesses and countries regulations has been on for a long time in many countries. We informed about the situation in our mother-country – Poland, where some time ago the government released anti-crypto campaign. Then, the new tax law interpretation was published which made trading a very expensive hobby. Now, the Zebpay’s case is the next example of interrupting in cryptocurrency business.

Zebpay’s decision

On September 28th, Zeb IT Service Ltd informed on their blog that they are forced to close the business of a trading platform due to “extremely difficult” regulatory and banking problems. The company also said that they did everything they could to obey the obstacles created by the Indian government, as they “did not want India to miss the bus of digital assets that power the public blockchain.”

The company highlighted that recent past was “extremely difficult”, which limited the company’s and its customer’s “ability to transact business meaningfully.” Zebpay admitted that they couldn’t find a good solution which would allow them to conduct cryptocurrency exchange business.

The official statement

On Zebpay official Twitter account there’s also information that at 4 p.m. (28 September 2018) the cryptocurrency exchange platform will cancel all unrealized crypto-to-crypto orders. The customers won’t be able to make any new orders and all the coins will return to Zebpay’s wallets. What’s the most important for clients is that “the Zebpay wallet will work even after the exchange stops.”

Right now, Zebpay is on the 129th position on CoinMarketCap due to trading volume with a total result of $642 276 what is equal to 96.5 BTC. Soon, probably this result will change significantly.


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