The largest cryptocurrency exchange in India, Zepbay has announced an indefinite shut down owing to India’s crackdown on cryptocurrency which made the country’s central bank take stiff measures on firms have relationship with cryptocurrency in the country.
In the announcement earlier today, Zepbay made it clear that:
“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.”
It added that all cryptocurrency to cryptocurrency orders that have not be perfected will be canceled and reversed to the customer’s wallet.
However, the exchange added that the wallet service “will continue to work” while there won’t be hitches in withdrawer and deposit of funds into the Zepbay wallet.
The close down decision by Zepbay had been hinted in late June, after crypto ban in India deepened. The exchange said fiat withdrawal may be impossible. Interestingly, other exchanges are looking for portable means to solve the banking withdrawal.
We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.
— zebpay (@zebpay) September 28, 2018
Cryptocurrency regulation is being seen today as a necessity to curtail uncertainties emanating from cryptocurrency. However, many countries have contempt for crypto due to its anonymous nature which may increase money laundering and corruption rate.
In Japan, crypto is being given a safe haven, despite, series of hacks in the country is making the government have a new look at cryptocurrency.
Meanwhile, crypto is still gaining mass adoption despite stiff regulatory principle dished out by banks under the watch of governments.