India’s Zebpay Shutters Crypto Exchange Over Central Bank Ban

Major Indian cryptocurrency exchange Zebpay declared it had ceased all exchanging because of the nation’s banking ban. The official declaration was released Thursday, September 27.

Referring “extremely difficult” conditions it experienced endeavoring to process client orders in the present condition, the trade allowed only a few hours’ notices of the notice, which as of press time is as of now in actuality.

The move got many off guards, very nearly three months after the July 6 due to date for banks to conform to the Reserve Bank of India’s (RBI) prohibition on offering services to cryptocurrency businesses.

“…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 post reads.

“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.”

India’s Supreme Court keeps on thinking about the last appeals against the RBI ban, in front of the last judgment on its legality which has seen various deferrals, Cointelegraph revealed for the current week.

Zebpay had stopped fiat activities around the due date in July, administrators trusting that an adjustment in conditions would enable another banking accomplice to assume control over the fundamental services.