Zebpay shuts Bitcoin trading; This is where you can trade cryptocurrency in India now
Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app.
In a major bad news for cryptocurrency lovers in India, Zebpay, one of the largest digital coin trading platforms in India, has shut down its business for exchanging or trading in any form of Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash. Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app. The company on its blog said, at 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins / tokens back to your Zebpay wallet. No new orders will be accepted until further notice.
Explaining its decision, Zebpay said, “However, the recent past has been extremely difficult. 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.”
Now only the Zebpay wallet will continue to work even after the exchange stops. One is free to deposit and withdraw coins / tokens into your wallet.
The RBI has in its June policy, has asked all the banks to stop taking cryptocurrency-related transactions.
Interestingly, there is no need to panic even if Zebpay has stopped trading in Bitcoin.
WazirX another cryptocurrency platform, has issued a notification stating, all Zebpay customers can carry their tradings on their platform.
Nischal Shetty- Founder & CEO, WazirX said, “While Zebpay has been a competitor, it's unfortunate to see they're shutting down their exchange. The crypto community needs to stay strong & stick together. We need to keep the crypto fire burning in India. All Zebpay users are welcome to continue trading on WazirX."
The WazirX founder explained, the crypto landscape in India is adapting and shifting today. The first breed of exchanges saw growth because they were the first to market. The second generation of Indian exchange that WazirX represents is driven by technological and product innovation.
For example when the RBI ban kicked in, WazirX was the first to launch WazirX P2P as a solution and because of that there’s been a rapid rise in the trading volumes of WazirX.
"At this point, the crypto community needs to stick together. WazirX will continue in it’s mission to involve every Indian in the blockchain revolution. We are seeing rapid growth and we'll continue to innovate and provide the right tools for Indian crypto traders," said Shetty.