Zebpay To Reopen in India Despite Banking Prohibition
Reports have it that the cryptocurrency exchange based in Singapore, Zebpay, has returned to the market in India after more than a year following its closure in the country. The exchange was closed during a clampdown by the country’s Reserve Bank.
The exchange discontinued services in India in late 2018. However, according to IBS intelligence on January 29, Zebpay will open its exchange for India once again despite absence of changes in the central bank ruling that brought about its closure.
India’s Reserve Bank banned banks from providing services to crypto firms and Zebpay stopped providing exchange services in the country in September 2018.
Despite the exchange’s closure in India, they announced expansion to Australia in May 2019, revealing the activeness and growth of the firm.
The RBI ban is still in place but the exchange has decided to start offering services to Indian users once again, reported IBS Intelligence.
The exchange has brought changes to its firm brass, as well as a new CFO and CMO. It has likewise added features and trading pairs based on cryptocurrency. Besides, Zebpay anticipates the opening of an avenue to involve in mutual funds, says IBS.
There have been many sessions before the Supreme Court of India regarding the RBI ban towards clarity on the issue.
Featured image courtesy of Shutterstock. Source: Cryptopress.