According to Coindesk reported on July 5, the Supreme Court of India refused to end a notice issued by the central bank that prohibits the exchange of exchanges with banks, the next trial scheduled for July 20. Previously, the trading platform was taking a variety of different actions.
Zebpay, India's most traded crypto exchange, said on Twitter on Wednesday that after the Indian Supreme Court ruled earlier this week, the company suspended the Indian Rupee's deposit and withdrawal service until the bank opened up again. .
The cryptocurrency exchange is already adapting to the Indian bank account ban
According to the ostrich blockchain reported on May 18th, the Indian Supreme Court (SC) has banned all high courts from accepting petitions from the Central Bank (RBI) encryption restrictions notice from April . In addition, the High Court also submitted all outstanding petitions to the SC.
On Tuesday (July 3), the Supreme Court of India held a hearing and said that the notice issued by the Reserve Bank of India in April will “continue to execute”, which prohibits banks from conducting statutory transactions at Indian password exchanges. .
However, Zebpay said that cryptocurrency and cryptocurrency-related services still exist. According to CoinMarketCap, Zebpay has traded more than $5 million in the past 24 hours.
Although the company has not further explained the court's interlocutory judgment, Zebpay CEO Ajeet Khurana commented on Twitter: "I am very sad! But we will continue to work tirelessly to smooth things out. I believe in cryptocurrency and Blockchain technology is good for India. If our country can't make up its mind for a long time, we will be trapped in historical mistakes and miss the encryption technology bus. This will be a tragedy."
Similarly, several relatively small exchanges in India have announced that they will suspend statutory deposits and withdrawals such as Coinome and Pexo. At the same time, some exchanges did not seem to be intimidated. They said that even if the notice of the Bank of India shows that July 5 is the deadline for closing bank accounts, they will continue to allow investors to deposit and withdraw legal tender.
For example, the Indian encryption exchange Belfrics has announced the resumption of its cryptocurrency trading business , and has added four cryptocurrencies, BCH, ETH, XRP and LTC, to its platform, and plans to add another 20 cryptocurrencies in the next six months. Similarly, KoinOK, another smaller exchange, claimed that its fiat money deposit and withdrawal service worked well.
On the other hand, the shift to over-the-counter trading has also become a strategy for several Indian exchanges to bypass the Bank of India's bank account restrictions.
According to CoinMarketCap, KoinEX partnered with another platform called WazirX to launch a peer-to-peer transaction called KoinLoop. KoinEX's 24-hour trading volume is approximately $1.5 million.
The service is seen as a way to cut off the exchange's direct contact with the bank so that investors can buy and sell cryptocurrency assets in a peer-to-peer manner.