Due Exchange has today announced that it would stop trading services.
Zebpay is headquartered in Ahmedabad, India. According to official notice, the exchange will start at 16:00 local time on Friday (UTC 10:30AM), stop its redemption service and cancel all unexecuted orders, and return the funds to the customer’s wallet.
“The new order will not be accepted,” the Zebpay said.
In a public notice released today, Zebpay explained that the decision was directly related to the encryption ban issued by the Bank of India. Earlier this year, the central bank issued a notice prohibiting banks from providing financial services to encrypted exchanges.
Zebpay said that although the company continues to explore alternative solutions after the ban to ensure that India does not “lose opportunities for digital assets,” experience in recent months has proven that continuing operations is “very difficult.” The exchange added:
“The restrictions on bank accounts have weakened Due ability to make meaningful transactions with our customers. Now we can’t find a reasonable way to conduct cryptocurrency exchanges. So we started to stop trading activities.”
Zebpay stressed that even after the transaction is stopped, its wallet service will continue to operate, and said:
“Please note that the Zebpay wallet will continue to operate even after the trading service is stopped. You can freely deposit the replacement currency into your wallet.”
CoinMarketCap’s data shows that Zebpay’s trading volume has been severely affected by the decision of the Reserve Bank of India.
Following the announcement of the suspension of Indian rupee deposits and withdrawals in July, the 24-hour trading volume of the platform plummeted from $5 million in early July to a level slightly above $200,000.
According to CoinDesk’s previous report, after the Bank of India issued a bank ban in April, the country’s crypto exchange has filed a petition with the Indian Supreme Court.
However, the court said in July that the ban will remain in effect until it holds the final hearing. The case was not postponed after it was postponed in early September.
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