Zebpay To Shutdown Its Crypto Exchange Facilities

Zebpay To Shutdown Its Crypto Exchange Facilities

cryptocurrency exchange Zebpay

One of Indian’s largest cryptocurrency exchange, Zebpay has made announcements that by 4 pm today, 28 September 2018, it will be officially shutting down its cryptocurrency exchange services. The exchange which started out has a bitcoin wallet service provider will be returning back to functioning in this capacity.

Indian First Bitcoin Mobile Payment Wallet

Zebpay bitcoin wallet app was officially launched in 2012. Initially, Zebay functioned as an app-enabled bitcoin wallet provider. Early this year, Zebpay made announcements that it will be adding an exchange facility to its latest update.

Across India, Zebpay is known for it simplified approach to providing bitcoin wallet services to its users. The wallet provider is the first Indian bitcoin company to launch a simple mobile Bitcoin wallet app which allows users to transacts with bitcoins while making use of a mobile phone number. This feature makes it easy for both tech-savvy individual and novice to be able to transact making use of bitcoin. This takes away the complexity that comes with mastering the bitcoin wallet system to ensure adequate security.

Zebpay Saw this Coming

Zebpay has warned its users earlier in late June 2018 about the possibility of having to shut down their exchange, due to the banking ban of virtual currencies, that might take effect soon. The exchange warned that prior to the ban becoming official, withdrawal using FIAT might become impossible for users of the exchange.

Consequently, the banking ban to effect on July 5, 2018. A day before this (July 4, 2018) Zebpay altered all transactions that have to do with FIATs on its platform.

Zebpay has however made it clear to their users, via a blog post that, all wallet functions are still active. This means the deposit, withdrawals and storage of coins are still active on the platform.