In an official announcement, Zebpay Bitcoin Exchange says that the firm will no-longer provide exchange services following RBI’s banking ban on the crypto industry.
The blog reads;
“The curb on bank accounts has crippled our, and our customers’, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,
For years, Indian Cryptocurrency firms are hostile with the unfavorable decision by Reserve Bank of India, Supreme Court, and other regulatory bodies. In fact, the central bank’s orders towards financial firms and banks “not to deal with individual/business entities involving VCs” showed India’s severe concern on crypto and ensure legal battle. However, nothing confirmed yet whether or not the government agencies rule on the matter. But for the major players like Zebpay, this wait is a hard row to hoe.
It further assures its users that its wallet will still be operating and available for all its users.
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,
Most Zebpay users aggressively took social media and start questioning on its contentious decision. At the same time, the rival firms are trying to win over the situation.