Continuing its global expansion initiatives, Singapore-based cryptocurrency exchange Zebpay has inaugurated trading facilities in Australia. The division will be headed by its new Australia Director, Sandeep Khurana, whose expertise with fintech companies stretches over a period of eighteen years.
Zebpay spread its trading facilities to Australia by establishing a new office in Melbourne’s fintech centre. Australian clients can now trade five fiat to crypto-trading pairs including bitcoin (BTC), litecoin (LTC) ripple (XRP), ether (ETH) and bitcoin cash (BCH) on desktop and Android and iOS applications.
The platform has a safe, easy-to-use and interactive functionality with no fiat deposit and withdrawal charges. Zebpay has obtained a permit to carry activities in Australia with the Australian Transaction Reports and Analysis Centre, Australia’s financial intelligence agency with statutory accountability for anti-money laundering and counter-terrorism funding, and has become a participant of the Australian Digital Commerce Association.
Speaking about the decision to enter the Australian crypto market, Sandeep Khurana, Zebpay’s Australia Director, said that “Australia is an ideal market for Zebpay’s services with its clear stance on regulation, openness to fintech innovation and thirst for crypto products.”
In a clip published on YouTube, Khurana began to talk about his enthusiasm over expansion, predicting that Australia would become “one of the biggest adopters[ and] most open-minded innovators” in crypto and blockchain domain over the next decade To kick off the Australia launch of Zebpay, the exchange is organizing a meeting to have an introduction with Melbourne traders and companies.
Zebpay endured a significant blow in 2018 when India’s Reserve Bank (RBI) prohibited banks from providing facilities to cryptocurrency-related companies. In a nation where it once gained over 60% of business share, Zebpay was compelled to close down activities. Citing “highly challenging” circumstances when trying to process client instructions in the present setting, the exchange issued notice to clients only few hours before closing. Since then, the firm has been working hard, extending its crypto-trading facilities to more crypto-friendly nations.
Zebpay withdrew Indian rupee deposits and withdrawals on July 4, 2018, a day before the prohibition on cryptocurrency companies went into force In a caution declaration, Zebpay said developments at the moment were “beyond its control” having earlier advised customers that rupee payments and withdrawals could halt if the Reserve Bank of India (RBOI) decision is implemented.
A year after RBI circular prohibited financial institutions from engaging with crypto-related companies, authorities in the country are currently contemplating an absolute ban on cryptocurrencies. Since late April 2019, local news reports state that a draft law banning cryptocurrency is circulating among multiple Indian public agencies.
About Zebpay’s growth, Khurana said “At the beginning of 2019, Zebpay was available in 20 international markets. Today, we add Australia to our crypto-family and can gratefully say we have a presence in over 132 international crypto-economies, which speaks volumes to our community’s ambition.”
