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Last Updated : Sep 28, 2018 03:47 PM IST | Source: Moneycontrol.com

Banking curbs force crypto exchange Zebpay to halt trading

In April, the RBI banned banks from providing financial services to any individual and/or business dealing in cryptocurrency


India’s largest cryptocurrency exchange by trading volume Zebpay has announced on Friday that it will be halting its trading service later on the same day.

The Ahmedabad-based company put out a tweet saying that all exchanges services will be frozen and all unexecuted orders will be cancelled, following which funds will be credited to all customers’ wallets.

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In a blog post, Zebpay explained: "The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully." It added that that, since the ban, it had tried various alternative measures to ensure services for its customers but the recent months were ‘extremely difficult.’ However, it added that its wallet service will continue to function even after the exchange closes.

In April, the RBI barred domestic banks from dealing with or providing financial services to any individual and/or business entity dealing in cryptocurrency. Following this announcement, Zebpay had unsuccessfully mulled moving its head office to countries like Singapore, Belarus or the US, which are cryptocurrency-friendly.

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First Published on Sep 28, 2018 03:47 pm
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