India’s leading crypto currency exchange Zebpay bans fiat transactions

In what can be said as utter disappointment for all the crypto-currency traders in India, Zebpay one of the most promising exchanges operating in the sub-continent disables it’s in app banking transactions which means that a trader cannot put in or take out fiat money from the crypto world.

The decision by Zebpay came in a day after the Hon’ble Supreme Court of India refused to put in temporary stay on the Reserve Bank of India’s directive to all the banks forbidding access of banking services to all cryptocurrency trading platforms and exchanges operating mainly in India.

However, Zebpay has also made it clear that all crypto-to-crypto and crypto-to-rupee trading pair on their exchange remains 100% functional and is not affected by the directive.

Here’s the tweet by Zebpay:

We have mentioned in our previous article, this is not the end neither there’ll be an end. The case is still on and the next hearing on the concerned petition filed by IAMAI against the RBI directive is scheduled on 20th July 2018.

As an investor from India what you can do?

Well, there’s nothing much you can do except if you still have coins in your app, you can still continue with your trading activities or transfer them to any other exchanges worldwide. We would strictly advice not to fall for any anti-crypto news and mess around with your crypto assets, because there is still hope for things to be better as the Government committee analysis the future of cryptocurrencies in India is almost ready with a regulatory draft and is soon going to announce it.