Crypto Exchange Zebpay Reopens in India Despite Existing Ban
Zebpay, Singapore-based cryptocurrency exchange, has returned to the Indian market a year after India’s central bank, the Reserve Bank of India (RBI), led a clampdown on the cryptocurrency related businesses that forced Zebpay to leave India.
After suspending operations in late 2018, Zebpay will open shop in India once again, even though the central bank continues to maintain its stance.
In September 2018, Zebpay stopped servicing its clients in India after the RBI prohibited banks from serving cryptocurrency related businesses.
Even though it terminated operations in India, Zebpay expanded to Australia in May 2019, indicating that the company has not shut down completely and continues to expand.
The RBI’s prohibition continues to be effective, but Zebpay has made a decision to once again start serving Indian clients. In this regard, Zebpay has updated its company’s management team by roping a new CFO and CMO.
The app also has incorporated additional features and cryptocurrency based trading pairs. Furthermore, the exchange is planning to take steps to enter mutual funds business.
There were several hearings in India’s Supreme Court regarding the RBI ban to remove the legal vagueness related to cryptocurrencies. The government of India is yet to come out with a firm stance on cryptos.