Zebpay exchange shuts down citing RBI’s cryptocurrency squeeze

In a shocking announcement made today, Zebpay has decided to shut down its exchange business. After 4 pm IST today, Zebpay exchange will not accept any new crypto orders. All unexecuted orders will stand cancelled and the cryptocurrencies will be returned to the respective users wallets. However, Zebpay users can continue to hold, deposit and withdraw coins through their wallets.

Zebpay is the first big name to fall prey to RBI’s cryptocurrency shadow ban which removed cryptocurrency-based businesses from India’s banking system. Zebpay could not found a sustainable way to run their exchange business in the face of this ban. Zebpay CEO Ajeet Khurana had also said in a video that Zebpay does not think that P2P mechanisms are efficient. It will be interesting to see Zebpay’s course of action if the Supreme Court of India reverses RBI’s decision. Will Zebpay relaunch its exchange business in such a scenario?

(Image credit: Zebpay blog)