Skip to main content

Indian Cryptocurrency Exchange Zebpay Shuts Down Operations

Amidst the global crypto market slump, Zebpay, one of the biggest cryptocurrency exchanges in India, has shut down operations following the regulations imposed by the Reserve Bank of India earlier this year.

In an official blog post, the company revealed that all unexecuted cryptocurrency transactions will be canceled starting at 4:00 PM on September 28th, and after that, no cryptocurrency orders will be accepted. Zebpay notified that all incomplete orders will be refunded as crypto coins and tokens back into the Zebpay wallet of customers.

“The recent past has been extremely difficult. 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 company said in an official blog post.

Zebpay has assured that despite halting the cryptocurrency exchange business, the Zebpay wallet will be functional, allowing customers to initiate a transaction using their crypto coins and tokens for making online purchases or investing in a venture. Also, Zebpay’s existing customers will be able to conduct deposit and withdrawal from their wallet.

Back in April, RBI issued a new directive which prohibited institutions falling under RBI’s regulation from engaging in cryptocurrency trade, citing serious concerns about consumer protection and possibly facilitating crimes like money laundering. Aside from forbidding financial bodies from dealing in cryptocurrencies, RBI also asked them to sever ties with all private firms and parties involved in cryptocurrency trade.

Following RBI’s directive, cryptocurrency prices in India tanked, with Bitcoin, Ether, Litecoin, Ripple and Bitcoin Cash being the major crypto denominations which suffered a sharp decline in their exchange value in India.

Back then, Zebpay was among the cryptocurrency exchanges which lowered the quoting price of Bitcoin significantly by listing its exchange value at Rs. 3,75,580, compared to its international exchange value of Rs. 4.29 lakh at that time. Now that Zebpay has halted trading, other cryptocurrency exchanges such as WazirX have pounced on the opportunity to poach Zebpay’s existing customers.

Comments

Post a Comment

Popular posts from this blog

iPhone 12 to Have 5nm Processor, Qualcomm’s X55 5G Modem: Report

Apple is all set to launch its first 5G iPhones next year, and a new report out of Japan now claims that they will ship with Qualcomm’s X55 5G modem under-the-hood. According to multiple sources quoted by the Nikkei Asian Review , at least three of the devices the company will launch next year, will ship with 5G connectivity. “It will be the first time Apple introduces 5G iPhones … There will be three of them and the company has set an aggressive sales target” , said one of them. As per the report, the next-gen iPhone lineup will be powered by the A14 chip that will use the 5nm technology, making it significantly more power efficient than its predecessor, the A13 Bionic, found on the current-gen iPhone 11 lineup. At least two of the three new phones will also have what the report called ‘flexible’ OLED displays, although it’s not immediately clear what it meant by that term. In addition, Apple is also developing a new ‘3D-sensing rear-camera’ that is said to be able to “sense t...
Post a Comment
Read more

Lenovo IdeaPad Slim 5i Review: A Powerful Workhorse

It’s been quite some time since Intel announced its 11th-gen laptop processors, complete with the new logo design and Intel Iris Xe graphics. And yet, so far I’ve not gotten my hands on a laptop packing the new processor and iGPU. That all changed when Lenovo sent over the IdeaPad Slim 5i (Rs. 61,990) with […] The article Lenovo IdeaPad Slim 5i Review: A Powerful Workhorse was first published on Beebom
Post a Comment
Read more

Windows 10 Insider Build 19013 Adds Power Toys, New Kaomoji, and More

Microsoft has already pushed the near-final release version of the Windows 10 November 2019 Update and is now focusing its efforts on the next major 20H1 update. We’ve been keeping track of the new features being tested with Insiders for some time now and well, the latest build, number 19013, brings improvements to the Linux subsystem, emoji tray, and Your Phone features. The highlights of Insider Build 19013 is the return of Power Toys. They’re special utilities that were made popular in the Windows 95 and Windows XP era, but had been nixed to make way for new features over the past few years. Well, they’ve now made a return to Windows 10 20H1 Insider builds this month, starting with 2 features, PowerRename and FancyZones. While PowerRename makes it possible for users to rename files in bulk, the FancyZones feature lets you drag apps into defined target positions on your PC. You can take a close look at the FancyZones feature right here . Apart from this, the Windows subsystem f...
Post a Comment
Read more