Zebpay: Simple Secure Bitcoins
Due to a crackdown by the Reserve Bank of India (RBI), Zebpay had to forcefully shut down in India. The exchange has set up shop in Malta by registering an office and has another office already set up in Singapore.
The cryptocurrency exchange set up in Malta will be providing service to residents of 20 countries like
- the Czech Republic
India, however, isn’t among the list of 20 said countries.
To most Indians who entered the cryptocurrency world, Zebpay was their first official cryptocurrency app to buy Bitcoins and get on the crypto rocket. Zebpay had control over a significant amount of Indian cryptocurrency and had about five to six million investors on its platform.
However, the Reserve Bank of India implements an unprecedented ban in April. This would cause all banks to cut ties with buying/selling cryptocurrency entities. The ban would come into effect from July onwards, forcing Zebpay’s shutdown.
At the peak time of cryptocurrency market i.e., November & December 2017, Zebpay had about 300,000 users registering per month. However, now, the numbers have slumped to a meager 25,000 per month. On September 28, 2018, Zebpay in a medium blog post said,
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.
There have been numerous cases filed against the ban by RBI from of exchanges but have yielded nothing fruitful. The case for the ban is still an ongoing issue under the hearing of the Supreme Court (SC), yet to reach a verdict.
All of these collective issues caused Zebpay to shut down in India and move to a much friendlier and accepting part of the world, Malta. The most important question, however, still remains unanswered, “What will happen to personal data of the million India users. However, Zebpay once had?” Do you miss using Zebpay?
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