RATE Group | Zebpay, India’s oldest cryptocurrency exchange shuts down; What this means for the count…
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Zebpay, India’s oldest cryptocurrency exchange shuts down; What this means for the count…

01 Oct Zebpay, India’s oldest cryptocurrency exchange shuts down; What this means for the count…

Posted at 03:06h in Cryptocurrency News by

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One of India’s oldest and largest cryptocurrency exchange, ZebPay has shut down, making it one of the first major casualties of the Indian government’s indecisiveness on cryptocurrencies.

Zebpay, operated by Ahmedabad-based Zeb IT Service Ltd, announced its plans to shut down exchange operations late last week blaming the regulatory chokehold as the reason it chose to shut down.

“The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully,” Zebpay said in a blog post last week. “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,” the post said.

In April 2018, India’s central bank told entities like banks that come under its regulatory purview to stop providing services to businesses and individuals dealing with cryptocurrencies. People who owned cryptocurrencies could no longer convert it to fiat or the other…

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