Launched earlier in the year 2015, Zebpay started its services with a mobile application only that quickly became the most-downloaded bitcoin wallet and exchange apps within India. Using a KYC model, Zebpay was struggling to comply with the regulatory framework within the country for some time but the company while recently declared terminating of all its exchange related services yesterday following the regulatory banking ban on the crypto trade.
The company however forecasted upto 1,000,000 new users using its platform each month at the time, up from 200,000 new users already joined the platform.
Rumoured to be in talks to lift an additional $4 Mln in funding at earlier, Zebpay is currently stopping all of its exchange services at 1600 hrs since yesterday…i.e 28th Sept. The move could be a direct consequence of a immobilized move introduced by the head bank of India [RBI], India’s central bank, to force all regulated financial institutions – along with banks – from providing services to the domestic cryptocurrency ecosystem.
In the announcement by Zebpay, it added:
“The curb on bank accounts has immobilized our, and our customer’s, ability to interact business meaningfully. As for now, we are unable to search out a reasonable way to conduct the cryptocurrency exchange business.”
All unexecuted crypto-to-crypto orders are canceled, Zebpay mentioned, with all tokens to be added back to customers digital wallets. The wallet service will still work for patrons to deposit and withdraw their coins, Zebpay aforementioned. However, it remains to be seen if this wallet gains development support within the coming future.
Even earlier this month, Zebpay warned its users about the fiat withdrawals to become impossible ahead of the looming banking ban that took result on 5th July this year, A day before the banking ban, the company stopped all fiat deposits and withdrawals at the exchange. However, several other exchanges within the country meanwhile are still searching for a novel ways to circumvent this ban.