As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing.

No fiat withdrawals But trading to continue

The date for India's crypto banking ban imposed by the Reserve Bank of India is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5 . Zebpay a leading cryptocurrency exchange in India warned its customers this week that their "rupee withdrawals could stop" citing RBI's orders. The exchange wrote:

If zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks and other regulated entities about shutting accounts. This doesn't affect BTC and other cryptos.

Zebpay announced Thursday its intention "to continue offering crypto to crypto trading." The exchange also clarified "our present intention is to allow crypto to INR pairs to trade even after our banks accounts shut."

Soon after Zebpay's announcement, the trading volumes of all cryptocurrencies on exchange spiked while their prices dropped. The price of BTC fell sharply by about 20% from 458,887 to 366,550 INR befor leveling off around INR 405,000.

Crypto asset allocation tool

Another major Indian exchange Unocoin announced the launch of an asset allocation tool this week. This weighted basket order tool, called Crypto Basket, allows investors to buy "cryptoasses based on market cap" and according to exchange volume. It also allows specific customizations by letting investors "uncheck cryptoassests" which they do not want to buy the exchange detailed

This tool is available on Unodax the multi-crypto exchange platform which Unocoin recently launched.