India-based cryptocurrency exchange Zebpay has announced that it is closing its exchange business. The company cites prohibition by India’s central bank, the Reserve Bank of India (RBI), which initially enforced strict regulations against cryptocurrency-related businesses back in April.

India-based cryptocurrency exchange Zebpay has announced that it is closing its exchange business. The company cites prohibition by India’s central bank, the Reserve Bank of India (RBI), which initially enforced strict regulations against cryptocurrency-related businesses back in April.

At one point, India was a crypto-friendly nation and accounted for a large portion of the globe’s digital asset trades. However, roughly six months ago, the RBI implemented new legislation making it impossible for businesses to engage in cryptocurrency-based operations and activities.

It was originally reported by several media sources that the country was outright banning cryptocurrencies, though this was later deemed incorrect, and the RBI announced that while digital assets hadn’t been outlawed, companies could no longer do business with ventures that centered around virtual currencies.

Sorry – We’re Closing House

In a blog post on Medium, Zebpay stated:

“Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain. However, the recent past has been extremely difficult. The curb on bank accounts has crippled our, and our customers’, 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.”

 


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