Zebpay, one of the country’s largest cryptocurrency exchange has announced that it will be shutting down its exchange operations. The announcement came as a big shock to everyone involved in cryptocurrencies. The Zebpay wallet will continue to be operational allowing users to deposit/withdraw tokens or coins. The company’s blog mentioned that it has been extremely difficult to conduct operations with the ban on banks and there has been no improvement in the situation for 5 months.
As a result of RBI’s ban, Zebpay stopped deposit/withdrawal of rupees on its mobile app. In its blog, Zebpay also mentioned that it did not want India to miss out on the digital assets journey and had been looking for alternate solutions ever since the ban. With the RBI and other prominent institutions making a strong stance against virtual currencies and imposing a ban, the crypto agencies are trying to fight it legally. However, the Supreme Court has been delaying the verdict and it has become very hard to wait. The Ministry of Finance mentioned that the virtual currencies are not really currencies, as they do not have any physical attribute. It was also strongly advocated by the Ministry that these virtual currencies have no protection.
Several competitor companies have expressed that it is deeply saddening to see Zebpay shutdown. Founded in 2015, Zebpay saw a huge number of people join the Bitcoin world with over 200,000 app downloads and reached a turnover of 500 Crore in its second year.