RBI Ban Causes India’s ZebPay to Halt Exchange Services

Zebpay is one of India’s top cryptocurrency exchanges and many had expected it to weather the storm that is the currently standing RBI Ban. This ban prevents banks from offering services to any of its customers engaged in crypto trading activities.

In the twitter announcement to halt trading services, Zebpay informed that it will do so at 4pm today but  its wallet services were still functional.

The exchange explained it further as follows:

We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.

Effect of RBI Ban

The exchange went on to explain that the RBI ban had extremely affected its operations.

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. At 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins / tokens back to your Zebpay wallet. No new orders will be accepted until further notice.

Wallet Services Still Active

As earlier mentioned, the exchange wishes to let users know that Zebpay wallet services are still at 100% functionality. Users are free to deposit and withdraw coins and tokens into the wallet.

Fiat Activities on Zebpay Had Been Halted Back in July

In a bid to comply with the ban enforced by the Reserve Bank of India, Zebpay had halted all fiat activities on July 4th this year. At that point, coin and token deposits and withdrawals were still working and there was crypto-to-Rupee trading as well as crypto-to-crypto exchange services.

What are your thoughts on Zebpay stopping exchange services? Should the exchange change jurisdictions and explore Malta like Binance has? Please let us know in the comment section below.

[Image courtesy of zebpay.com]