India’s first Bitcoin exchange and wallet, Zebpay has announced that it is shutting down today. In an email blaster to all the users and announcements on all their social media, the exchange has announced that they will be suspending services as they are out of ways and ideas to continue providing exchange services in the country.

Zebpay Shutting Down

In a very emotional email newsletter, Zebpay has announced that it will no longer be an active exchange.

“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.”

The company recognised itself as a pioneer in the cryptocurrency market and community in the country. Stating that they wanted the country to benefit out of the Blockchain and not be left behind. However, in light of recent rulings, the exchange no longer knows and can no longer comprehend how to continue to function and help it’s users make their way in the industry.

“Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain. However, the recent past has been extremely difficult.”

The exchange is suspending all pending orders at 4 pm today (28th September) and all currencies and coins will be returned to their respective wallet.

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The Wallet Will Remain Active

The exchange is suspending all their activities today at 4. All crypto-to-crypto pair and trades that are under processing will be cancelled and suspended and all currencies will be returned to wallets.

The notice also says that the wallet will continue to be active even after the exchange is suspended.

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The Reason

This announcement comes in response to the blanket ban released by the Reserve Bank of India. Imposing an immediate windup on the market in the country. Though the decree was challenged in court by a bunch of exchanges in the country supported by the community, no verdict has been issued as of now. And until one is, the decree remains in action.

This is a sad day for the Indian cryptocurrency community as one of the pioneers of the Indian market is shutting shop. Whether this is a one-off event or other exchanges will follow is yet to be seen.

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