Why We Shouldn't Worry About India's Biggest Cryptocurrency Exchange Shutting Down
india·@firepower·
0.000 HBDWhy We Shouldn't Worry About India's Biggest Cryptocurrency Exchange Shutting Down
It has been a week since Zebpay announced about shutting down operations due to the banking services ban imposed by the RBI. However, as we know few exchanges in India including IAMAI is fighting a case in the court against RBI. You can read about that in my latest post [here](https://steemit.com/india/@firepower/india-writ-petition-of-exchanges-in-the-supreme-court-against-rbi-s-banking-ban-gives-me-hope).  Zebpay put out this release on it's blog notifying all its users. >Zeb IT Service Ltd has played a pioneering role as a cryptocurrency exchange in India. Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app. Your trust has been the pillar of our strength. Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain. However, the recent past has been extremely difficult. 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. As a result, we are stopping our exchange activities. At 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins / tokens back to your Zebpay wallet. No new orders will be accepted until further notice. > >Please note that the Zebpay wallet will continue to work even after the exchange stops. You are free to deposit and withdraw coins / tokens into your wallet. Zebpay has over 2 million users who have been using it's services. However, this move is likely to force everyone to look elsewhere. Maybe that's a good thing as far as users are concerned. The top exchange wasn't exactly a spot exchange their prices were extremely high. It would've been great if they evolved to provide a service such as Binance however the ban on banking services does impact them negatively more than others. However, as far as getting the most bang for your buck is concerned we are better off trading on exchanges with prices resembling the global price of Bitcoin. The judgement from the apex court of India will certainly make a major impact on the market. But even if the judgement is against cryptos we will remain in a position to continue trading via P2P channels. Zebpay's closure does add some weightage to the writ petition filed by exchanges against RBI in the court if one examines the points correctly. The closure is due to RBI's mandate and not much else for now. I'll be sharing more updates related to RBI's mandate against cryptocurrency exchanges soon. --------- **If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:** 1. [You Can Now Buy Your SteemFest³ Tickets!](https://steemit.com/steemfest/@firepower/you-can-now-buy-your-steemfest-tickets) 2. [Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!](https://steemit.com/witness-category/@firepower/why-you-should-firepower-as-witness-witness-campaign-post-from-india) 3. [Steem.Chat Contest #46](https://steemit.com/steemchat/@firepower/steem-chat-contest-46) ---------- <center>Follow Me: @firepower</center> ------------------------------------------
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