While the now-defunct Zebpay has closed down its Bitcoin exchange in India, the co-founder Sandeep Goenka maintains a bullish attitude towards Bitcoin. He stated exactly this in his latest Tweet.
This sentiment of his bullishness towards the foremost cryptocurrency did not go well with his former users, who are upset and frustrated as Zebpay dismissed their exchange services without warning. Following his recent tweet, a number of consumers are throwing questions at his Bitcoin enthusiasm and love.
More bullish on bitcoin than I ever was. Just saying…
— Sunny Bitcoin (@GoenkaSandeep) October 2, 2018
U and ur company betrayed us by charging so high fees and giving us so less time…thanks for showing ur real face to our indian crypto community…ur company deserved to be closed like this only
— cryptovenom (@mayank03541396) October 2, 2018
So why you left in between?? If you are so positive about it and loved it??
— deepBorg (@deepborgohain) October 2, 2018
Following an assumed dismissal from the Reserve Bank of India (RBI), the Ministry of Finance, the Directorate of Enforcement, and the Income Tax Office, Zebpay announced it closing on September.
Unlike many Indian exchanges who challenged the ban exercised by RBI, the exchange opted to opt out. However, in their defense the Supreme court of India is continuously delaying the case, leading the local exchanges to incure losses every passing day. Zebpay reasoned in its announcement:
“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.”
We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.
— zebpay (@zebpay) September 28, 2018
The announcement annoyed the users as they alleged that Zebpay of not giving them a warning or enough time to draw out their long/short positions. Since the Indian regulators do not dictate the wallet services, Zebpay assures that it will continue the feature for the benefit of their users.
Though Goenka stated innumerable times about the need to regulate cryptocurrencies but unlike his peers in the Indian Bitcoin community, he did not confront the government’s decision. He stated in February:
“Every citizen and business in this country should play their role in eliminating financing of illegitimate activities, regardless of whether such financing is done using legal tender, cryptocurrency, gold or any other medium […] We encourage the government to work with our members, as we are committed to detect, report, and eliminate suspicious transactions in pretty much the same way as other institutions do. ”
It seems Goenka’s tweet was to initiate a balance between regulators and the crypto community. But the community has been questioning his safe move of withdrawing his platform instead of adopting peer-to-peer like quite a few Indian exchanges opted.
Clearly, instead of waiting or adopting circumvention tactics, Zebpay ceased its trading services in a desire to stay in the good book of the regulators. Though the wallet services can relaunch itself as an exchange, it highly unlikely until the regulators give the virtual assets a go.
Read more: “https://kryptomoney.com/rbi-cryptocurrency-court-case-25-september-2018/” target=”_blank” rel=”noopener”>RBI Cryptocurrency Court Case (25/09/2018): Supreme Court Of India Adjourns The Case