Zebpay, one of India’s largest bitcoin and cryptocurrency exchanges, is stopping customers’ fiat deposits and withdrawals as a result of the central bank’s banking curbs.
With an announcement on Wednesday, cryptocurrency wallet and exchange platform Zebpay is moving to disable all Indian rupee (INR) deposits and withdrawals for customers as a direct consequence of the central bank’s mandated ban of prohibiting banks from offering services to cryptocurrency firms.
A major cryptocurrency exchange Zebpay stopped fiat deposits and withdrawals due to RBI mandate issued on April 5 to all banks to stop giving services to business houses who involve in crypto trading business.
The ban will continue and come to an effect on 5th July because the country’s Supreme Court refused to remove cryptocurrency banking ban. The next hearing will be held on 20th July. Till then bank will freeze all crypto related banking accounts.
Indian investors are in trouble for a while, but I hope government will definitely lift the ban and come with some new cryptocurrency rules.