One of the largest Bitcoin and cryptocurrency exchanges in India, Zebpay, has decided to stop the fiat deposits and withdrawals on its platform as a result of the central bank’s banking curbs.
In an announcement on Wednesday, the platform Zebpay said that it is disabling all Indian rupee (INR) deposits and withdrawals as a direct consequence of the bank’s mandated ban on prohibiting banks from offering services to crypto companies.
The smartphone platform Zebpay, which has more than 1 million domestic downloads, announced:
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.
Meanwhile, the Reserve Bank of India (RBI) which is the country’s central bank – issued a circular on April 5th to all of the regulated financial institutions including banks in order to prohibit them from providing services to any kind of companies in the cryptocurrency sector. The RBI also enforced a deadline of three months for all banks to follow the mandate – which comes into effect on Thursday.
Zebpay also warned that fiat deposit withdrawals could become ‘impossible’ and urged users to file withdrawal requests. One user, however, reported that the exchange was still accepting requests from the mobile app.
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