Zebpay Makes A Return to the Indian Market Pending RBI’s Ruling
Reports from recent times have shown that Zebpay, the Singapore-based cryptocurrency exchange platform, has made a comeback to the Indian market. Zebpay has been closed in India for more than a year. The closure came about due to India’s cryptocurrency market suppression as the RBI cut off financial services to exchanges months before.
Zebpay closed up shop in India on 28th September 2018. However, on 29th January, the IBS intelligence announced Zebpay would finally continue to avail its services for India once more, although no changes have been made on the ruling that subsequently led to its abrupt closure.
India’s Reserve Bank called for an immediate halt in the provision of financial services to crypto firms. Due to this ruling, Zebpay was left with no choice but to adhere to the country’s regulations and thereby decided to close down in late 2018.
Nevertheless, the exchange’s closure in India was just a minor hurdle as they spread the word of their expansion to Australia in mid-2019. It showed their prominence in how active the firm was, not forgetting the high expansion rate.
The ban imposed by RBI on crypto exchanges is still active. Still, Zebpay has finalized the decision to commence offering services to Indian users, as reported by the IBS Intelligence.
The exchange has also included some changes to its branch named brass, extending to acquiring a new CFO and CMO. Additionally, they have introduced new cryptocurrency-based features and pairs for trading. IBS also mentioned that Zebpay looks forward to the involvement of mutual funds in their portfolio.
The Supreme Court of India has been holding several ruling sessions involving the RBI ban towards clarifying the issue at hand.