Zebpay, one of India's largest cryptocurrency exchanges has shut down its exchange operations. However, the wallet of the company will continue to remain operational.
The decision to shut down was taken after the Reserve Bank of India (RBI) prohibited the banks and registered financial institutions not to provide any service to the cryptocurrency exchanges.
Zebpay has said in its blog post, “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 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)”
Zebpay was incorporated in the year 2012 and previously it was known by the name BuySellBitco.in. The cryptocurrency currency market is not performing well since January this year, with the prices continuously falling.