Ahead of Supreme Courts’ decision in crypto cases, India’s leading cryptocurrency exchange operator Zebpay announced the shut down of its exchange operations. The RBI banned banks and payments wallets from extending their services to cryptocurrency entities, most exchanges, instead of shutting down their operations, had gone crypto-to-crypto. This included crypto exchanges Zebpay, Unocoin, and Koinex crypto wallets.
In a statement issued, Zebpay said, “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 pm today (September 28, 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your crypto coins/tokens back to your Zebpay wallet. No new orders will be accepted until further notice.”