Banks in India  withdrawing Support from Crypto exchanges like WazirX, Zebpay: Sources

Banks in India withdrawing Support from Crypto exchanges like WazirX, Zebpay: Sources

As per sources, the banks has started withdrawing their support from Crypto exchanges. At the time of writing the article, One of India’s biggest Crypto Exchange WazirX have no bank support to add money for trading . Customers received a mail stating that Wazirx will not accept INR deposit to PayTM bank account effective from 11:59 Pm IST tonight May 20,2021 and they are working with their partners to add more INR deposit option.

As per sources on May 20, The Reserve Bank of India (RBI) has issued an Informal order to the banks that do not provide support for Cryptocurrency Transactions.

A number of crypto exchanges has confirmed that banks has indicated their intention to withdraw support.

The Honourable Supreme Court of India has set aside the RBI crypto circular of 2018. Banks in India still cite that circular to deny banking,,” Nischal Shetty, co-founder and CEO of Mumbai-based cryptocurrency exchange WazirX wrote on Twitter on May 4. 

Disclaimer- We have received the information through our sources we cannot verify the report independently.