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As the launch of the crypto banking ban by the Reserve bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals although boosting crypto-to-crypto trading. Zebpay plans to keep on crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing.

No Fiat Withdrawals But Trading to Continue

The blind date for India’s crypto banking injunction compulsory by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must end servicing cryptocurrency exchanges by July 5.

Zebpay, a most leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals may possibly stop,” citing RBI’s order. The discussion wrote:

If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos.

Having launched a crypto-to-crypto trading service in April, Zebpay announced Thursday its goal “to go on with offering crypto-to-crypto trading.”

The swap over and clarified, “Our present intention is to let crypto-INR pairs to trade regular after our bank accounts shut [down].” Nonetheless, it warned, “we are not capable to think through every single one the cost of the bank account shut [down] and from now cannot certify that we will continue the crypto-INR trade pairs forever.”

In a little while after Zebpay’s announcement, the trading volumes of every part of cryptocurrencies on the talk spiked despite the fact that their prices dropped. The penalty of BTC fell sharply by about 20%, from ₹458,879 to ₹367,733, before leveling off around ₹405,000.

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