Yesterday, the crypto community in India was left in disappointment as the Supreme Court upheld Reserve Bank of India’s (RBI) directive on banks terminating their working relationships with cryptocurrency exchanges all over the country.
In anticipation of this order, last month cryptocurrency exchange Zebpay, had posted a circular announcing that they would be stopping rupee withdrawals today.
On that occasion it had said, “Please note 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, you hereby indemnify Zebpay and agree to hold Zebpay free and harmless at all times, against all claims, proceedings, expenses, cost, action in the event of any prejudice and/or loss caused to you by any act or ommission by Zebpay.”
Keeping in line with that, the exchange sent out a notification on Wednesday saying, “Please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements. This is something you should keep in mind if you choose to hold rupees in your Zebpay account.”
Reiterating its previous post, the exchange reminded its users saying, “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.”