News

India’s Largest Crypto Exchange Zebpay is Shutting Down all of its Operations

Zebpay, which is the largest exchange in India has decided to shut down all of its operations starting from 4 pm IST today (28th September). In a sudden announcement, Zebpay mentioned that All the unexecuted orders will be terminated, however, their wallet will still be functional even after the exchange stops.

Zebpay has taken this decision due to the difficulty to operate under the current environment in India where the banks have been restricted by the Reserve Bank of India from operating with Crypto exchanges.

Zebpay said:

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 RBI’s decision to ban banks from operating with Crypto exchanges has dried up the liquidity in many exchanges, to which they are adapting with alternatives like p2p models which Zebpay had not fully embraced.

Zebpay Tweeted:

The Singapore headquartered company supported over 20 Cryptocurrencies on their platform and claims to have over 3 Million Android and iOS app downloads.

Nishchal Shetty, Founder of another Indian Crypto exchange Wazirx Tweeted:

So what now?

The users can move their funds to other crypto exchanges like Wazirx, Koinex, and Coindelta and continue their trading. The Zebpay wallet will still be functional even after the exchange shuts down, so the funds will not be affected to those who would like to HODL, they can hold their funds in the Zebpay wallet or move it to other wallet alternatives.

It is unclear at this point whether Zebpay will continue its operations after getting regulatory clarity. It is hard to determine how long the courts may take to pass a judgment providing clarity for Cryptocurrencies in India so it can be expected that it will take a while before Zebpay resumes its operations (If they ever will).

Blockmanity’s Take:

It is strange that Zebpay made this announcement even before the Supreme courts take on the issue which is scheduled next week. It is one of the first exchanges to operate in India, most of the people have exposure to exchanges like Zebpay.

This decision is jolting to the crypto community in India which is fighting to keep crypto ecosystem alive. A majority of Indians rely on the exchanges like Zebpay to hold their funds and trade, but in the recent times, the Crypto community in India is adapting by moving on to other alternatives like p2p exchanges.

Image Source: Zebpay


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar
Tags: Zebpay

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago