Indian Exchange Zebay May Stop Withdrawal Services

Published on June 21, 2018

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Indian Famous Exchange could halt their withdrawal services for Fiat currency.
Zebpay sent notice, mentioning that their services could be disrupted by the RBI regulation on cryptocurrencies.

Recently, Zebpay, a famous exchange of bitcoins and certain altcoins, announced that they might ban the withdrawal of the services serving fiat currency.

Due to the controversy of the cryptocurrency ban in India, certain rules have been drawn by the RBI of India. Where it is mentioned that all the bank services should stop function with crypto and the 3-month time frame was given to quit.

Later Indian exchanges announced notice over the ban during mid-April, stating that there could be disrupted due to the new rules applied to the banking system to not indulge in cryptocurrencies.

Zebpay notice on the withdrawal halt, announced on 21st June

The notice only mentioned that there could be halt for the withdrawal services due to the consequence of the RBI Rules. The notice not mentioned any date or anything of the withdrawal halt date or anything.

The notice only reminds you that there could be a chance of the halt on the withdrawal and those who want to withdraw their BTC or altcoin should withdraw before any disrupt.

Recently, there was a news stating that RBI has taken the decision on the cryptocurrencies ban blindly and haven’t research on it. Several petitions have signed against the RBI decision mentioning that the law should have to made support the technology and trading in cryptocurrency.

Also, read: RBI will Regulate Bitcoin and Cryptocurrencies in India

After the notice revealed, the bitcoin price in India dropped drastically the consolidated market break apart and BTC dropped to lowest 3,500,00 INR.

This time could crucial time for the cryptocurrency believers and there might also be a big opportunity for the investment. One should always remember that you should not work in cryptocurrency with panic. You can quit now, as zebpay mention the right opportunity for those who are worried and want to sell their BTC.

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