RBI update for cryptocurrency(zebpay news)

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Zebpay Announcement: Your Rupee Withdrawals Could Stop

Zebpay Announcement: Your Rupee Withdrawals Could Stop

Update on 21st June 2018:

Dear Customer,

This is a VERY IMPORTANT announcement in light of the recent Reserve Bank of India circular: DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 6, 2018.

Our industry has approached the Supreme Court of India to challenge the circular, as we feel it is counterproductive, and against the interest of citizens. As a responsible corporation, we regard customer-protection and market-integrity as our primary objectives. In light of that, please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements. This is something you should keep in mind if you choose to hold rupees in your Zebpay account.

Please note that you will not be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal. Also, in case of disruption of banking services to Zebpay, you hereby indemnify Zebpay, and agree to hold Zebpay free and harmless at all times, against all claims, proceedings, expenses, costs, actions in the event of any prejudice and/or loss being caused to you by any act or omission by Zebpay or any other party, in regard to your rupee balance, transactions, trading, deposit, or withdrawal.

Of course, since our bank accounts are functional at the time writing this announcement, you are welcome to place a withdrawal request for your rupee balance. If you do that, we will endeavor to return your rupee balance to your bank account as soon as possible, so long as our banks support such withdrawal. If you choose to withdraw your rupees, please make sure to also cancel your unexecuted trade orders if any.