Zebpay closes fiat: The largest cryptocurrency exchange in India, Zebpay, has suspended fiat deposits and withdrawals as a result of the India crypto banking ban.
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.
More details here: https://t.co/bptLZXFL7R pic.twitter.com/NEvVNHgJiP
— zebpay (@zebpay) July 4, 2018
Zebpay Closes Fiat: Deposits and Withdrawals Suspended
Zebpay users will not be able to withdraw rupees until the cryptocurrency exchange finds a banking service that allows the withdrawal.
The company states that in the meantime, its users can place a withdrawal request and it will return the rupee balance when a financial system is found.
The announcement also specifies what would happen if Zebpay accounts were compromised in the interim. The press release says:
“As a responsible corporation, we regard customer-protection and market-integrity as our primary objectives. In light of that, please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements. This is something you should keep in mind if you choose to hold rupees in your Zebpay account.”
Zebpay warned its users on June 21st that this could be a possibility, and it has come to fruition.
Zebpay Announcement: Your Rupee Withdrawals Could Stop pic.twitter.com/DFQOWC1gBs
— zebpay (@zebpay) June 21, 2018
Reserve Bank of India (RBI)
Tomorrow, the Reserve Bank of India (RBI) will prohibit all financial institutions from providing services to companies within the cryptocurrency sector. There have been several legal attempts to revoke this ban, but the Supreme Court has denied all of them.
There will be four petitions that will be heard by the Supreme Court on July 20th, and we could potentially see a reversal of the ban at this time.
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