The popular Indian trading platform Zebpay stopped working due to the policy of the country's banking regulators. This is reported in the company's blog. Today at 16:00 local time (11:30 GMT+1), Zebpay stopped the exchange of cryptocurrency. All unexecuted orders are canceled, no new ones are planned.
Representatives of the exchange promised to transfer funds to Zebpay crypto wallets, which will continue to work. The report says that the reason for closing the trading platform was problems with banks. Financial institutions of the country refuse to work with crypto companies.
“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. As a result, we are stopping our exchange activities." the platform representatives said.
WHY IS IT IMPORTANT?
- In July, Zebpay stopped accepting deposits and withdrawing funds in rupees after the Central Bank of the country banned banks from cooperating with crypto companies. A month earlier the regulator could not explain why it blocked the platforms’ accounts.
- Representatives of the sites tried to file complaints against the Central Bank, local residents signed petitions demanding the abolition of repressive measures. In mid-September, the Reserve Bank of India in the court explained its position on this matter. Its representatives refused to recognize digital money as a means of payment.
- At the end of July, cryptocurrency exchange Huobi opened a special p2p-service for Indian traders who can work with digital assets only with such platforms. Zebpay was one of the most popular crypto exchanges of the country.
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