Major Crypto-Exchange in India Urges Customers to Withdraw Funds
The situation of the regulation of Blockchain in India is forcing the country’s leading cryptocurrency exchange desk to resort to extreme measures.
Zebpay has abruptly begun asking its users to withdraw their Indian Rupee (INR) funds from the exchange.
Zebpay, India’s biggest cryptocurrency exchange by volume warned its users of dismissing fiat (INR) services abruptly. The announcement is titled “Your Rupee Withdrawal Could Stop” depending on the outcome of an upcoming court hearing.
The Reserve Bank of India (RBI) in April issued a directive to all Indian banks in the country, preventing them from doing business with crypto-related companies.
The matter has now reached the Supreme Court in a class action lawsuit by numerous exchanges and interested parties with an historic hearing and potential judgment to be held on July 20th, 2018.
Without the support of the banks, cryptocurrency exchanges in the country won’t be able to offer trading against fiat currencies anymore.
Zebpay has promised that the crypto-to-crypto trading on the platform will continue, but it can’t promise the same for trading against the Indian Rupee.
The exchange has also stated that if users continue to hold INR in their Zebpay account in spite of the exchange’s repeated warnings, it can’t be held accountable if they end up losing their funds.
Zebpay is clearly preparing for the worst, but what the judiciary will decide is not clear since there are considerable practical basis to overrule the central bank, yet that would be a very rare event.
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