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Large Indian Digital Exchange Quits Business Due to RBI War on Crypto

Fri, 09/28/2018 - 11:02
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Yuri Molchan
The ban that the RBI laid on banking operations regarding crypto startups is now bringing its fruits. Zebpay has stated that it has shut down all trading operations
Large Indian Digital Exchange Quits Business Due to RBI War on Crypto
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The ban that the Reserve Bank of India (RBI) laid on banking operations regarding crypto startups in spring is now bringing its fruits. Zebpay, a law-abiding exchange with an implemented KYC scheme, with millions of downloads on Android last year when in autumn the crypto prices reached their historic highs, has stated that it has shut down all trading operations.

Zebpay stops operating at 4 p.m. Indian time on Friday. On its Twitter account, the team announces that all unexecuted order will be canceled and coins returned to customers’ vaults will be withdrawn later. Even though the exchange has switched only to P2P crypto trading, the burden of the RBI ban seems to be too heavy for it.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.