One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect.
In a warning statement, Zebpay said current events were “beyond its control,” having previously warned users that rupee deposits and withdrawals “could” stop if the ruling from the Reserve Bank of India (RBI) went ahead.
“INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads.