CeyFi Explained: Sell USDT for Rupees in Sri Lanka

TL;DR

CeyFi is a Sri Lankan app from the CeyPay team, launched on 2 November 2026. You sell USDT from a Binance Pay, Bybit Pay or KuCoin Pay balance and get rupees in a bank account in your own name. You can also pay bills as a guest, and CeyFi's fee sheet lists bill payments as free. Buy USDT is marked "Soon". CeyFi has not published its sell fees or limits. CeyFi says its regulatory status is pending, and the Central Bank said in 2023 it had authorised no crypto exchange or custody service.

Disclosure: CeyFi links in this article use my referral code. If you sign up through one, we both earn Pills, CeyFi's reward points. uvin.lk, my Bitcoin education site, uses CeyPay's merchant gateway.

What is CeyFi?

CeyFi is an app for people in Sri Lanka who hold crypto. Its full name is CeyPay Finance. The CeyPay team announced it on 2 November 2026 as "the everyday app for crypto users in Sri Lanka" (CeyPay launch post↗).

It does three things today:

• It turns USDT into rupees and pays them to your bank.
• It pays Sri Lankan bills from your exchange balance.
• It lets you send rupees to a friend by username.

USDT is a dollar stablecoin. One USDT is meant to stay close to one US dollar. If the term is new, read what USDT is and why Sri Lankans use it first.

One warning on names. There is a different product also called CeyFi at ceyfi.app. It is a personal budgeting app and has no link to this one (ceyfi.app↗).

Who runs CeyFi?

CeyFi's footer says it is operated by Ceylon Cash (PVT) LTD, registration PV00263673 (CeyFi app↗). The launch post says the same (CeyPay launch post↗).

The app's "Safety" sheet names a second company, CeyPay (PVT) LTD, registration PV00370646. It says this company "is a registered Virtual Asset Service Provider (VASP) with the Financial Intelligence Unit (FIU)" of the Central Bank. The FIU is the Central Bank's anti-money-laundering office. That claim clashes with the footer and the launch post, which both say the status is pending. I found no FIU record that confirms a registration.

I also could not find which of the two companies holds your money or signs your contract. CeyFi has not said.

CeyPay is also the company behind the merchant payment gateway that shops use to accept crypto. I explain that side in how CeyPay's crypto payment API works. CeyFi is the consumer side. A shop owner uses CeyPay. A person selling USDT or paying a bill uses CeyFi.

How does CeyFi work?

CeyFi does not ask you to send crypto to a wallet address. You sell from a balance you already hold at an exchange.

Here is the flow, in short:

1. You enter how much USDT you want to cash out.
2. You pick Binance Pay, Bybit Pay or KuCoin Pay.
3. You approve the payment inside your exchange app.
4. CeyFi pays rupees to your bank account.

That is how CeyPay describes it in its launch post.

This design matters for one reason. In the flow CeyPay describes, you never pick a blockchain network, so you cannot send to the wrong one. The cost is that you need an exchange account first.

What can you do with CeyFi?

Sell USDT for rupees

You sell USDT and receive rupees. Payouts go only to a bank account in your own name. CeyPay says more than 25 Sri Lankan banks are supported. I could not see the bank list without an account.

CeyPay says payouts are usually instant. The app's own label reads "Usually Instant".

The app's own status screen is more cautious. It says the money "usually arrives within 15 minutes", that after 3 pm "it may arrive the next business day", and that CeyFi's team "checks larger transfers before sending them". Nobody outside the company has measured this.

You need to verify your identity before you sell. More on that below.

Pay bills

You can pay bills as a guest, with no account. CeyFi's fee sheet lists bill payments and reloads as free. The app lists 55 billers in nine groups: electricity, water, mobile, internet and landline, television, insurance, finance and leasing, mobile wallets and driver wallets.

Send rupees to a friend

You can send rupees by @username, with a pay-me link or with a claim link. A claim link pays out only after the person who claims it verifies their identity and adds a bank account.

What does CeyFi not do yet?

Three gaps are worth knowing before you sign up.

• No Buy USDT. The app shows Buy USDT as "Soon". You cannot turn rupees into USDT with CeyFi today.
• Wallet sales are not documented. The fee sheet lists "Receive USDT into wallet" as free, so the app's own wallet can take USDT in. The launch post describes selling only from Binance Pay, Bybit Pay or KuCoin Pay, and I found nothing on selling from that wallet. If your USDT sits in a private wallet, move it to one of those exchanges first.
• No published sell numbers. CeyFi does not publish a fee table for selling, or limits, or a minimum. You see them only on your own quote, after you sign in.

How much does it cost?

For bills, CeyFi says free. For selling USDT, the number is unknown until you see a quote.

The app says the quote shows one all-in USDT amount and holds it for 30 seconds. It also says fees are shown on every quote before you confirm. The exchange sets its own fees on its side.

The rate is the other cost. CeyFi does not publish how its rupee rate compares with the market rate, and I could not work it out. Compare the rupee amount on your quote with other options before you confirm. Selling through peer-to-peer trades is the usual alternative.

Who needs to verify their identity?

You do, if you sell USDT, add a bank account or receive money. You do not, if you only pay a bill.

Verification is called KYC, short for "know your customer". CeyFi uses a company called Didit. You photograph your NIC or passport and take a selfie. The app says it takes about two minutes.

Sign-in works with a passkey, Google, email or mobile number. A passkey is a login saved on your phone and opened with Face ID or a fingerprint. The app says you need one before your first payment.

What makes CeyFi different from P2P?

On a peer-to-peer (P2P) market, you sell USDT to another person, who pays your bank directly. That brings a risk: a bank can freeze your account if it sees payments from strangers. I explain that in P2P crypto and frozen bank accounts.

With CeyFi, you do not deal with a stranger. The company is the other side of the trade, and it pays an account in your own name.

That removes one risk. It adds another: you now trust one company. CeyFi is new. Its footer says CeyPay operates in a "controlled pilot environment". I found no independent review of it yet.

What does the law say?

CBSL, the Central Bank, issued a notice on 29 March 2023. It said CBSL "has not authorized any [...] cryptocurrency exchanges, deposit-taking or custody services related to cryptocurrency" (CBSL↗).

CeyFi's footer says its "Virtual Asset Service Provider (VASP) regulatory status [is] pending confirmation under Sri Lanka's evolving regulatory framework" (CeyFi app↗).

The CBSL Governor spoke at the Sri Lanka FinTech Festival on 3 November 2026. He said: "Under the current legal framework in Sri Lanka, digital assets, also called virtual assets, cannot be used for payments between residents" (CBSL speech↗).

I am not a lawyer. For the full picture, read Sri Lanka's cryptocurrency regulation in 2026.

Try CeyFi: sign up at finance.ceypay.io↗. This is my referral link. If you use it when you create your account, we both earn Pills, CeyFi's reward points. CeyFi has not published what a Pill is worth.

Should you use CeyFi?

It fits you if you already hold USDT on Binance, Bybit or KuCoin and want rupees in your own bank account without a P2P buyer. It also fits you if you want to pay a bill from a crypto balance.

It does not fit you if you need to buy USDT with rupees, or hold USDT only in a private wallet.

Start small. Make one small sale first. Check the quote, the time the money takes and the amount that lands. Only then move a larger amount. Also read my list of crypto scam warning signs, and only use the real address, finance.ceypay.io.

The risk that no sign-up removes is the exchange. CeyFi sells from your exchange balance, so you still trust that exchange with your USDT until you sell.

Quick answers

Is CeyFi free?

Bill payments are free, according to the app's fee sheet. Selling USDT has fees, and the app shows them on each quote. No fee numbers are published in advance.

Do I need an exchange account to use CeyFi?

To sell USDT, yes. CeyFi sells from Binance Pay, Bybit Pay or KuCoin Pay balances. To pay a bill, you also pay from an exchange balance, but you need no CeyFi account.

Can I buy USDT with CeyFi?

Not yet. The app shows Buy USDT as "Soon" and gives "Expected: early 2027". That is CeyFi's own estimate.

How long does a payout take?

CeyPay says rupees land in your bank as soon as you approve the payment, and the app label says "Usually Instant". The app's status screen is more cautious: the money "usually arrives within 15 minutes", and after 3 pm "it may arrive the next business day". These are the company's claims, and I have not measured them.

Is CeyFi the same as CeyPay?

CeyFi is the consumer app. CeyPay is the merchant payment gateway. The same team runs both.

What I could not verify

• The fee for selling USDT, and the daily and per-sale limits. They show only on a signed-in quote.
• Which company, Ceylon Cash (PVT) LTD or CeyPay (PVT) LTD, holds your funds and your contract.
• How CeyFi's bill payments fit the Governor's 3 November statement on payments between residents. I found no CeyFi statement on it.
• Real payout times. Only the company's claims exist.
• The CeyFi exchange rate against the market rate.
• Whether USDT received into the CeyFi wallet can be sold.

Key Takeaways

• CeyFi launched on 2 November 2026. It sells USDT for rupees and pays bills.
• You sell from a Binance, Bybit or KuCoin Pay balance. The launch post documents no sale from the CeyFi wallet, and Buy USDT is not live yet.
• CeyFi lists bill payments as free, and they need no account. Selling needs identity verification and a bank account in your own name.
• Sell fees and limits show only on your quote. Compare the rupee amount with other options before you confirm.
• CeyFi says its regulatory status is pending. The Central Bank has authorised no crypto exchange or custody service.
• Test with a small amount first.

About the Author

I'm Uvin Vindula — a Web3 and AI engineer based between Sri Lanka and the UK, founder of uvin.lk↗, Sri Lanka's Bitcoin education platform, and author of The Rise of Bitcoin. I write plain-English guides so Sri Lankans can use crypto without getting burned. This is education, not financial advice. See my work at iamuvin.com or reach me at [email protected]↗.