Indian’s had started with Bitcoin trading through Zeb IT service which owned and operated Zebpay. However, the Reserve Bank of India (RBI) in April made an announcement that all regulated organization in India can no longer deal with cryptocurrencies.
The RBI had concerns over money laundering, market integrity, and consumer protection. It stated that organization in association with the RBI should not deal and provide services to companies dealing with cryptocurrencies.
The company has previously admitted having banking and regulatory issues since the very beginning and always wanted India to harness the power of digital assets and blockchain technology.
Zebpay stated that the curb on their companies bank accounts has paralyzed their customers. The company is still looking for ways to conduct the cryptocurrency exchange business.
Zebpay would cancel all pending orders and send the cryptocurrencies back to their users and the company would not accept new orders until further notice. However, users would be able to deposit cryptocurrency into Zebpays wallet.