India-based Zebpay suspends fiat deposit/withdrawal under crypto ban

Posted 04 July, 2018

The major bitcoin exchange in India – Zebpay – has announced that it stops accepting rupee deposit/withdrawal services given the effective crypto ban in the country.

"Today we are disabling the rupee deposit and withdrawal options on the Zebpay app. This is being done in light of the bank account closures as per the RBI guideline," the company wrote in the social network.

Back in April, the Central Bank of India banned all financial organizations in the country, including banks, from providing services to the companies dealing with digital coins. The order should be fulfilled within a 3-month period.

Last month, the exchange called users for withdrawal of fiat funds, citing that this service could be shut down.

"Please note that you will not be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal," the company announcement reads.

At the same time, the local crypto market players, including investors and traders, still hope that the authorities may eventually develop the regulation for the segment and the situation will change. 

For reference, after the recent hearing, the supreme court of India left the crypto ban valid in the country despite collective petitions of the players.

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