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Zebpay stops operating because of the banking freeze

Zebpay stops operating because of the banking freeze
Sep 28, 2018 by Rico Wise

Zebpay has been operating since its launch in 2015, when it began operating only as application-only service, which quickly won over the popularity, becoming the most downloaded BTC wallet and cryptoexchange application in India. Zebpay is also famous for its unique KYC policy, which resulted in over 500,000 application downloads on Android platform last year’s summer and soon afterwards doubled to reach 1 million downloads later in October.

At the time, the firm predicted 500,000 new customers to join the network each month, from a fifth of a million customers already entering the cryptoexchange’s network.

According to the data displayed on Zebpay's web page, the cryptoexchange accounts for 3 million clients utilizing its mobile applications both on Android and iOS platforms, listing 20 digital currencies and 22 pairs for cryptotrading.

Even though there were ongoing rumors about Zebpay to possibly initiate another fundraiser to accumulate 4 million US dollars of investments, now the cryptoexchange is terminating all its services, which is connected directly to the decision made by the Reserve Bank of India. As per the central banks resolution, any and all financial institutions, including the banking ones, must terminate any services in connection with digital currency industry in the country.

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