Fiat Withdrawals Could Become ‘Impossible’, Warns Major Indian Cryptocurrency Exchange
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As the date for India’s banking ban on the cryptocurrency sector approaches, Zebpay – one of India’s biggest exchanges – is proactively warning users that their fiat deposits could be affected.
Bitcoin wallet and exchange platform Zebpay, one of India’s largest crypto firms, has warned its customers that their fiat rupee withdrawals could stop altogether in the near future, a consequence of the Reserve Bank of India’s (RBI) recent ban.
On April 5th, the central bank published a circular mandating regulated financial institutions including domestic banks to prohibit services to cryptocurrency businesses like exchanges. The central bank mandated a three-month deadline and it’s plausible that cryptocurrency exchanges could see their bank accounts shuttered by July 5.
In such an event, customers will no longer be able to withdraw their deposited rupees, India’s fiat currency, from cryptocurrency exchanges.
In an announcement on Saturday (first published on Thursday), Zebpay stated:
In light of that [RBI circular], 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.
Pointedly, the exchange stressed that customers will only be able to resume withdrawing their fiat deposits if “Zebpay has banking services that permit such withdrawal” after the July 5th deadline has passed.
Zebpay Announcement: Your Rupee Withdrawals Could Stop.
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