Sandeep Goenka says in his latest tweet, the co-founder of the now-defunct Zebpay said that he is more bullish on Bitcoin than he ever was. Goenka is not the first entrepreneur or investor who has expressed his upside bias towards the digital currency. But the statement comes at a time when Zebpay is facing criticism from former users for drawing out their exchange services without warning.
More bullish on bitcoin than I ever was. Just saying…
— Sandeep Goenka (@GoenkaSandeep) October 2, 2018
Sandeep Goenka recently closed down his Bitcoin exchange in India, but he remains optimistic towards the digital currency that began the financial decentralization movement.
Indian exchanges were already fighting a court battle with the central bank after feeling exposed to their banking ban circular. However, the Indian apex court is continuously delaying the case to first wrap-up previous backlogs. At the same time, the losses faced by local exchanges are mounting every day.
On September 28, Zebpay announced its departure after assuming a dismissal from the Reserve Bank of India (RBI), the Ministry of Finance, the Directorate of Enforcement, and the Income Tax Office.
“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,” Zebpay reasoned in its announcement.
The exchange allowed users to cancel their existing crypto-to-crypto orders on the very same day they made the announcement. This annoyed its users, though, who accused Zebpay of not giving them enough time to draw out their long/short positions. However, Zebpay has assured that it would continue to function as a wallet service, for that does not concern the Indian regulators.
And yet, the exchange has had to bow down before the RBI circular that eventually cut its ability to convert crypto from/to fiat. Other Indian exchanges chose to go peer-to-peer instead.