Zebpay Disables Rupee [INR] Deposit & Withdrawal Options

Partyush Goyal
July 4, 2018 Updated November 4, 2024
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zebpay

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.

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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.

 

 

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

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.