Even as the company stated that it will continue to run its wallet service, shutting down of the exchange blow is being seen as a big blow to the virtual currency ecosystem in India. The Supreme Court is yet to announce its final stance on the future of cryptocurrencies like Bitcoin and Ethereum in India after the Reserve Bank of India directed all regulated banks and institutions to stop providing services to all virtual currency exchanges.
“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,” Zebpay wrote in a blog post.
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