EXCLUSIVE: Zebpay Shuts Off Rupee Withdrawals

BTC Wires– July 3 marked a significant day for the crypto community in India, leaving a bitter taste with an exceeding number of individuals of the community. After the Supreme Court declined the petition filed by Internet and Mobile Association of India against the circular issued by Reserved Bank of India, the ecosystem in India almost came to a stand still. As a result of the circular’s directive, banks and digital payment providers featuring under the RBI have ceased to work with cryptocurrency exchanges throughout the nation.

India’s top cryptocurrency exchange Zebpay, had already posted a circular addressed to its user about discontinuing rupee withdrawals, in relation to the anticipated order of the Supreme Court. Following up along the same line, Zebpay dispensed yet another notification mentioning that any disruptions caused to Zebpay’s accounts will amount to make rupee deposits and withdrawals impossible. Zebpay further highlighted how this may results in a fluctuation of price moments or even discontinuation of crypto trade based on rupees. They even warned their users about the implications of holding rupees in their Zebpay accounts.

An excerpt from the notification reads out: “Please note that you will not be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal. Also, in case of disruption of banking services to Zebpay, you hereby indemnify Zebpay, and agree to hold Zebpay free and harmless at all times, against all claims, proceedings, expenses, costs, actions in the event of any prejudice and/or loss being caused to you by any act or omission by Zebpay or any other party, in regard to your rupee balance, transactions, trading, deposit, or withdrawal.”