20 July 2026
Crypto Exchanges In India To File Petition Against RBI
The Indian cryptocurrency exchanges may approach the Supreme Court of India to pursue whether the Reserve Bank of India (RBI) can ask banks to stop dealing with them. This step was taken after the RBI demanded banks to stop dealing with crypto exchanges.
Some of the banks in India have discontinued their services to the exchanges. Due to regulatory uncertainty, banks have become cautious with transactions related to cryptocurrency.
The exchanges have spoken with the government that the Securities and Exchange Board of India (Sebi) is more suited to regulate the crypto industry than the Reserve Bank of India (RBI).
Crypto exchanges stated that digital assets such as Bitcoin and Ethereum are closer to commodities than currencies. They have also proposed a new entity to regulate cryptocurrencies.
All the Indian crypto exchanges are coming to get clarity around the payment choke.
The co-founder of DigitX, Ashish Mehta told Economic Times, “Even after last year’s Supreme Court verdict where it quashed the RBI order to ban crypto transactions, the banks are not lending their services to crypto exchanges and crypto traders. Keeping this issue in mind and the impact on business activity, most of the major crypto exchanges are looking to knock on the door of the Supreme Court again to get a clear-cut directive regarding banking services so that uninterrupted transaction services can be provided to the traders/investors.”
Last year, the court removed RBI’s ban on cryptocurrencies which led cryptocurrency exchanges to restart their operations. Many banks started offering services to cryptocurrency exchanges after the Supreme Court order. However, the recent directive of the Reserve bank of India once again asked the banks to stop providing services to crypto exchanges.
As a result, Indian crypto exchanges could file a petition in this regard anytime this week or next week.
Disclaimer: The author's views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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