Left with no choice, Crypto startup Zebpay is informing its customers to cash out due to RBI banning banks from dealing with crypto exchanges.
As per a recent RBI action, banks have been told to discontinue banking services to those dealing with virtual currencies. While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupees in Zebpay, there could soon come a time when we may be not be able to honor withdrawal requests. Please continue only if you understand this risk.
Sad state of affairs.