Popular Indian cryptocurrency service Zebpay announced the termination of work
Zebpay, India’s largest cryptocurrency exchange and multi-currency online wallet, announced on September 28 that terminates due to a ban by the local Central Bank.
Launched in 2015, Zebpay quickly gained popularity and has reached a leading position in the country. In the middle of 2017, the number of downloads the corresponding app reached 500 000 on Android and doubled to 1 million in the period of bullish trend in October 2017.
At the moment every month on the platform came over 200 000 new users, and the company predicted that this figure will increase to 500 000.
On the website Zebpay indicates that iOS and Android together app used by 3 million people. The service supports 20 and 22 of cryptocurrency trading pairs.
Recently there were rumors that the startup intends to raise another $4 million, but it is now known that Zebpay terminates on 28 September at 16:00 local time (around 14:00 Moscow time). This step is a direct consequence of the policy of the Reserve Bank of India, which banned all regulated financial institutions, including banks, to serve the cryptocurrency industry.
All applications for the site of the cancelled token will be returned in the wallets of customers. Users will still be able to carry out input and output of funds, the company said, however, it is unclear whether further supported the process of developing the wallet.