Alert: Paytm breaks such transactions after banks cut exchanges
Paytm Payments Bank Ltd (PPBL) will not allow customers to buy and sell crypto properties via its platform when it will break into the transaction with cryptocurrency exchanges.
PPBL's competitor PayPal and other payment processors that authorize purchasing cryptocurrency on their stages are also probable to pull the plug.
Many banks had earlier this week ended their association with cryptocurrency exchanges such as Zebpay, WazirX, BuyUCoin after the RBI illegally told them to re-enter ties with them.
Recently, crypto exchanges had recognized specialized wallets, onboarding payment processing entities, and using banks outside India. Some of them even created 'offline' systems to allow investors access to crypto assets. However, crypto exchanges will now be left with limited options to receive funds from Indian stockholders.