One of the most important crypto exchanges in India, Zebpay, halted fiat operations before a bank ban on virtual currencies enter into effect. The information has been released by the exchange on July the 4th.
Zebpay Halts Fiat Deposits And Withdrawals
The exchange informs that INR deposits and withdrawals have been paused in the Zebpay app until banks allow the exchange again to operate. It is important to mention that token and coin deposits and withdrawals are ON and that crypto-rupee and crypto-crypto pair trading is on.
That means that deposits and withdrawals from the exchange are paused just for INR, but other activities and transactions at the exchange are activated and working properly.
Zebpay has previously warned its users that this situation could happen without any previous warning.
Back on Tuesday, India’s Supreme Court upheld the ban deadline, and declined to grant extended grace period to crypto businesses that need banking partners to serve their customers.
Some cryptocurrency exchanges have sought alternative means to solve this issue and provide fiat support. For example, the exchange WazirX said that it would transform into a P2P platform so that there will not be fiat and crypto conversions in the exchange.
Nischal Shetty told a local news source:
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in.”
Several countries all over the world are trying to control crypto exchanges and their operations. Some of the hardest measures have been taken by banks freezing the accounts of several crypto platforms.