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CB ban forces the largest crypto-exchange of India to suspend its activities

Zebpay, one of the world’s largest crypto-exchanges, announced the termination of all exchange services on Friday, after the ban on the central bank of India.

The platform was launched in 2015, and began to trade using an application that quickly became one of the most popular in India, bitcoin-purses and exchange applications. At the moment, the service has close to 3 million users using applications for iOS and Android, with support for 20 currencies and 22 trading pairs.

According to the representatives of Zebpay, the service stops the exchange activities at 16:00 local time on Friday, September 28. This step is a direct result of the policy introduced by the Reserve Bank of India (RBI), the central bank of India, to force all regulated financial institutions, including banks, to offer services to the domestic crypto-currency industry.

In their official statement in Zebpay noted:

The obstacle in the bank accounts has crippled our ability and ability of our clients to conduct business. At the moment, we can not find a reasonable way of doing business on the exchange of crypto-currencies.

All uncommitted operations will be canceled, and all tokens will be credited back to the clients' wallets. According to the company, services for depositing and withdrawing coins from purses will continue to work. Even at the end of June, Zebpay was warned that phyto removal could become impossible due to the future of the ban, which came into force on July 5, 2018. The day before the freezing of banking operations, the company stopped all operations to replenish deposits and withdraw funds. Meanwhile, other exchanges continue to search for new ways to circumvent this ban.

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