One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect.
“INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads.
On Tuesday, India’s Supreme Court upheld the ban deadline, declining to grant an extended grace period to cryptocurrency businesses which rely on banking connections to serve customers.
The decision means the July 5 deadline still holds, while the Supreme Court confirmed it will hear a petition against the ban July 20.
Zebpay had previously struck a confident tone in the face of the ongoing uncertainty surrounding cryptocurrency in India.

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