Indian Crypto Exchange Zebpay Stops Trading After Long Battle With RBI Ban

2018-9-28 22:11

India-based cryptocurrency exchange Zebpay announced via a tweet on Friday announced that it will be halting its trading service later in the day.

From 16:00 local time (10:30 UTC), the exchange said that it will cancel all unexecuted orders and return user funds to their wallets.

After this operation, “no new orders will be accepted” according to the exchange owners.

It is likely that users will at this point be allowed to move their crypto assets to other exchanges.

Zebpay Tried To Survive Under RBI Ban

A follow-up blog post by the exchange affirmed that the latest decision was caused by the order issued by the Reserve Bank of India earlier this year. The order restricted local banks from dealing with crypto-related businesses, and this has been the breaking point for many exchanges.

Zebpay pointed out that it has explored all alternative options in order to ensure that India does not “miss the bus of digital assets.” Understandably, the last couple of months have been difficult, hence the decision to halt trading on the exchange.

“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. As a result, we are stopping our exchange activities,” the announcement explained.

A wallet service provided by the exchange (Zebpay Wallet) will not be affected, though with the exchange confirming that users could still deposit and withdraw coins/tokens into their wallets.

How Reserve Bank Of India Ban Plunged ZebPay

Zebpay was once India’s largest cryptocurrency exchange by trading volume but has since gone into obscurity following the government ban.

Since local banks were not allowed to deal with the exchanges, in July, Zebpay was forced to disallow deposits and withdrawals in Indian Rupees.

This resulted in a plunge from trading volumes on the exchange. Coinmarketcap data reveals that trading volume before the announcement was $5 million but currently the figures are around $200,000.

Meanwhile, a date for final hearing on whether the RBI ban on banks to stop dealing with exchanges has not been confirmed.

The post Indian Crypto Exchange Zebpay Stops Trading After Long Battle With RBI Ban appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Цена в час новости $ 0.0132475 (-59.01%)

exchange trading zebpay orders indian announced battle

exchange trading → Результатов: 126


Фото:

World’s First AI Strategic Copy Trading Cryptocurrency Exchange, TriiiX Bags U.S. MSB Financial License

TriiiX, an AI strategic trading and copy trading crypto exchange, has secured a US Money Service Business (MSB) license. Issued by the Financial Crimes Enforcement Network (FinCEN) of the U. S. Department of the Treasury, the license empowers the exchange to offer regulated financial services in the country.

2022-9-2 14:40


Second-Largest Exchange in Germany Starts Bitcoin (BTC) Spot Trading

The second-largest stock exchange of Germany, Exchange Boerse Stuttgart, has recently opened up a new branch to trade digital assets, the Boerse Stuttgart Digital Exchange (BSDEX). This new platform, which will be fully regulated by the local law, will start the trading of virtual assets, starting with a single trading pair: BTC/EUR. Initially, the launch […]

2019-9-24 01:22


Philippine Digital Asset Exchange (PDAX) now open for trading

Philippine Digital Asset Exchange (PDAX) now open for trading - CryptoNinjas Today, the Philippine Digital Asset Exchange (PDAX), a BitMEX backed bitcoin and cryptocurrency trading platform that is approved by the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual currency exchange, announced it is now live and open to the public for trading Back in June, BitMEX Ventures, the venture arm of the crypto […] Philippine Digital Asset Exchange (PDAX) now open for trading - CryptoNinjas

2019-9-18 15:24


Фото:

Restrictions coming to Japanese bitcoin exchange

Exchanges The association of 16 government-approved bitcoin exchanges is reportedly working on imposing a number of trading restrictions. Japan Confirms Entrance Into the Crypto Space Possible Trading Caps According to Jiji Press news agency, the Japan Virtual Currency Exchange Association (Jvcea) is planning to set trading limits for its crypto exchange members. Last month, Nikkei

2018-7-31 22:42


Фото:

CoinSmart Launches a Simplified Crypto Exchange for Canadian Crypto Traders

A new crypto exchange dubbed CoinSmart has opened shop on July 10, 2018, in Canada to address rising interest in cryptocurrencies among the Canadian population. Making Life Easier for “Crypto Curious” Community The exchange that comes with a tagline “you can actually understand” has capabilities of getting coins at one click, making crypto trading easy, offers 24 hrs support and.

2018-7-21 03:00


Фото:

Indian Cryptocurrency Exchange Koinex Launches Loop, a P2P Token Transaction Network

Koinex, a prominent Indian crypto exchange, has launched its peer-to-peer (P2P) service called Loop. Loop is a P2P trading platform for crypto assets transactions using fiat currency (INR). Koinex Loop – An Attempt to Preserve the Crypto Industry in India This step follows the move by another Indian exchange, WazirX, who started their P2P operations earlier.

2018-7-21 23:00


Фото:

Does Bitcoin Price Needs To Fall to $5000 Before Bear Market Is Over?

Bitcoin Mercantile Exchange (BitMEX) CEO Arthur Hayes says the Bitcoin price must still drop to $5000 before ending its 2018 bear market. Hayes: ‘I’d like To See Us Test $5000’ In comments which echo other prominent trading figures — such as Tone Vays — Hayes told CNBC yesterday that, despite prices rallying this week, sentiment will fizzle out and Bitcoin will continue falling lower.

2018-7-21 23:00


Malta SE, OKEx, and Fifth Force To Launch A Blockchain-Powered Trading Platform

The Stock Exchange in Malta is going after the successful security token industry with new collaboration unveiled on Thursday to launch blockchain powered trading platforms. With the new partnership in sight, the stock exchange has signed a memorandum of understanding (MOU) with OKEx, which is one of the world’s largest cryptocurrency exchange platforms and Fifth […] The post Malta SE, OKEx, and Fifth Force To Launch A Blockchain-Powered Trading Platform appeared first on ZyCrypto.

2018-7-20 14:54


Coinbase Or Binance: Which Crypto Trading Exchange Platform Is Right For You?

As a sign of a maturing asset class and a growing component of modern business, digital exchanges have begun populating the crypto arena. With new entrants emerging periodically and existing exchanges constantly streamlining their offerings, even seasoned investors might be at a loss to pinpoint the “best” exchange. Newcomers in particular are faced with a […]

2018-7-20 11:52