Virtual currency exchange Zebpay shuts down following RBI freeze

Launched in 2015, Zebpay was one of the largest entities in the cryptocurrency business in India

One of India’s largest cryptocurrency exchanges, Zebpay, shut down its business on Friday. In a blog post, the firm said all pending transactions would be cancelled and remaining cryptocurrency units would be credited back to users’ wallets. Zebpay co-founder Mahin Gupta did not answer phone calls. 

Though the company said it would continue to run its wallet service, shutting down of the exchange is a big blow to the virtual currency ecosystem in India. 

The Supreme Court is yet to announce its stance on cryptocurrencies like Bitcoin and Ethereum after the Reserve Bank of India directed all regulated banks and institutions to