Indian cryptocurrency exchanges have announced that they have decided to shut down fiat deposits and withdrawals. The exchanges took this decision as banks have begun closing their accounts post RBI’s crypto banking ban. However, exchanges are trying their best to educate the central bank in the hope that the ban will be eased to some extent.
On July 3rd, the Supreme Court of India heard a petition filed against this RBI ban on crypto banking. The court, however, did not grant a stay on the said ban. Sans Supreme Court’s stay order, all banks are likely to cease offering their services from July 5th.
Zebpay, one of India’s largest crypto exchanges issued a warning to its customers that rupee withdrawals and deposits may not be possible in case its bank accounts are disrupted. However, Zebpay stated that meanwhile, crypto withdrawals and deposits along with crypto-crypto pair trading and crypto rupee are still being supported.
Unocoin, another major Indian crypto exchange, in its statement mentioned that banking services (deposits and withdrawals) are likely to be revoked this week. However, it cautions its customers that there is no guarantee that it would be able to honor such requests in future.
As stated in Bitcoin News, Coinome, a small exchange stopped rupee deposits from July 3rd. The exchange also stated that withdrawals will be discontinued from July 4th. It has requested its customers not to panic mentioning that their crypto assets will continue to retain their value in accordance with global markets.
Pexo exchange also issued a warning to its customers this Wednesday to withdraw their funds before the stipulated deadline. Wazrix, on the other hand, issued a statement that its customers needn’t worry about cashing in or out of crypto, as it plans to launch P2P trading service once the bank stops its services.
Pocketbits another exchange announced that while INR deposits won’t be available after 5th July, INR withdrawals will continue to be available. Koinok also made an announcement on similar lines.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]