Today one of the largest stock exchanges of India Zebpay announced the termination of work in connection with the prohibition of Central Bank (RBI) on banking operations related to cryptocurrencies.
In his Twitter Zebpay has published the entry on the cessation of trading at 16:00 local time on Friday, September 28. At this time also will cease processing pending transactions; however, the exchange refused to reimburse all related costs to users.
Zebpay in more detail explained the situation in his blog, explaining that even after an extensive search of detours, the situation in the country significantly complicates the work:
“A limitation [imposed on the work with Bank accounts, has significantly harmed the business activities of both our and our customers. At the moment we are unable to find any reasonable way to continue the work on trade cryptocurrencies. In this regard, we close our trading area.”
In July Zebpay has had to suspend services on introduction and withdrawal of deposits in Indian rupees. Subsequently the daily volume of trading of the exchange’s long fall: in early July, the figure was $5 million; currently the turnover is around $200 000.
The above ban was adopted by RBI in April and entered into force on 5 July. Cryptocurrency exchange failed to file a petition for reconsideration of the court; but the hearing, which was held on September 12, was postponed.