Zebpay Disables Rupee [INR] Deposit & Withdrawal Options
Indian crypto exchange and wallet provider, Zebpay has announced that it is disabling the rupee (fiat) deposit and withdrawal options on its app in response to the RBI’s crypto ban that goes into effect tomorrow.
No Rupee deposits and withdrawals
Zebpay, the popular Indian cryptocurrency exchange and wallet provider has announced through a Tweet that it is disabling the Rupee deposits and withdrawals option from its app.
Dear User,
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
The decision has been taken by the exchange in the wake of the crypto ban imposed by Reserve Bank of India, the central bank of the country. Just yesterday, there was a hearing in the court regarding the petition filed against the RBI’s ban. The Supreme court refused to grant a temporary stay on the ban and have compiled all the petitions for July 20.
The RBI ban will come into force tomorrow i.e. July 5 when all the registered entities and banks will discontinue providing their services to any business dealing with cryptocurrencies.
One of the popular exchanges in India, Zebpay took a preemptive step here and has already disabled the option to deposit and withdrawal the fiat (Rupee) on their app. This certainly has the Indian crypto traders in the frenzy as they try to get their funds out. Updating its previous announcement that the Ruppe withdrawals could stop, Zebpay had mentioned that without banking services, users won’t be able to withdraw their funds.
Right now, the cryptocurrency market is running in red with the majority of the cryptocurrencies experiencing a slight dip.
What are your views on Zebpay deactivating the rupee deposit and withdrawal option right from today? Share your thoughts with us!
Related article: Indian Crypto Exchanges Undeterred by Supreme Court’s Refusal to Lift RBI Ban
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
