Indian cryptocurrency exchange Zebpay said they may be withdrawing support for rupee withdrawal on Friday.
On April 5, the central bank, the Reserve Bank of India directed all banks to stop functioning as intermediaries between cryptocurrency exchanges and Indian customers.
Referring to that, Zebpay said, “Our industry has approached the Supreme Court of India to challenge the circular, as we feel it is counterproductive and against the interest of citizens. As a responsible corporation, we regard customer protection and market-integrity as our primary objectives.”
It is a cautionary notice that if the judgement doesn’t come in the favour of Crypto businesses, then it would not be able to operate bank accounts thus bringing a halt to Rupee (INR) withdrawal. The exchange has made it very clear that it would remain an integral organization irrespective of what the decision goes. It has ended the circular saying its banking channel is still active and people are free to withdraw.
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