The Supreme Court of India last week did not grant a stay on the Reserve Bank of India’s (RBI) circular prohibiting banks from extending banking services to cryptocurrency exchanges.

The apex court heard one petition from the Internet and Mobile Association of India (IAMAI) against the circular on July 03. IAMAI, whose members include major Indian cryptocurrency exchanges including Unocoin, Zebpay, and Wazirx, had requested the SC for an early hearing. The next Supreme Court hearing on the matter is scheduled for July 20.

With the SC declining to lift the ban, the RBI’s circular came into effect on July 5th. Accordingly, domestic cryptocurrency exchanges are looking at possible options to continue their operations in compliance with the RBI’s decision.

Reports suggest that Indian cryptocurrency exchanges have stopped fiat-to-crypto exchange services and have launched crypto-to-crypto services. Some exchanges, including WazirX and Koinex, have resorted to peer-to-peer (p2p) model, The Economic Times reported.

In an update dated July 4th, Zebpay has announced that it has paused INR deposits and withdrawals in the Zebpay app. Unocoin launched crypto-to-crypto trading on July 5th.

“The majority of the trade when it comes to cryptocurrency in India is buying or selling through INR. So this will significantly affect the trading volumes till the next steps are figured out. From what it looks like, short-term traders have opted to cash out while the long-term ones are holding the cryptocurrencies and waiting for regulations to be put in place,” Sathvik Vishwanath, co-founder, and CEO, Unocoin Technologies, told Inc42.

Cybersecurity pioneer and crypto enthusiast John McAfee lashed out the RBI’s circular and urged to boycott those financial institutions that engage in business with the central bank.