Crypto Exchanges of India Adapt to New Ban
July 6, 2018
Ban on commercial banks serving crypto companies has entered in force in India which has dealt a heavy blow on the latter ones. Some of them, like the country’s largest exchange Zebpay, decided to suspend any operation with Indian rupees. Two other local exchanges Coinome and Pexo also froze fiat operations.
The ban imposed by the country’s central bank came into effect after the Superior Court refused to extend grace period that allowed for crypto companies to continue fiat operations.
“Am very sad! But we will continue our relentless efforts to get things sorted. I am sure crypto is good for India. If we, as a nation, do not make up our mind, we will be caught on the wrong side of history and miss the crypto bus. And that will be a tragedy”, wrote the head of Zebpay Ajeet Khurana.
Despite the ban took effect on July 5, some exchanges won’t refuse from operations with rupees. For instance, BitBNS exchange claimed fiat services are still available for its users. It was followed by another exchange of India KoinOK. KoinEX and WazirX went further and established p2p trade service KoinLoop which enables fiat operations bypassing banks.