Indian crypto exchange stops trading over banking ban

Tuesday 2 October 2018 10:11 CET | News

Zebpay, an India-based cryptocurrency exchange, has announced it is stopping its trading service.

The company said in a tweet that, from 16:00 local time (10:30 UTC) on September 28, it will halt its exchange service and cancel all unexecuted orders, crediting the funds to customers’ wallets. The decision directly results from the ban issued by India’s central bank earlier in 2018 that prohibits domestic banks from offering financial services to crypto exchanges.

However, Zebpay stressed that its wallet service will continue to operate even after the exchange halts, with users’ possibility to withdraw coins / tokens into their wallet.

Based on data from CoinMarketCap, trading volume on Zebpay has been heavily impacted by the Reserve Bank of India’s decision, according to CoinDesk. Following the exchange’s announcement in July 2018 that it would pause Indian rupee deposits and withdrawals, 24-hour trading volume on the platform plunged from USD 5 million in early July 2018 to currently just a little over USD 200,000.

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Keywords: Zebpay, cryptocurrency, crypto exchange, India, Bitcoin ban, cryptocurrency trading, crypto wallet
Countries: World

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