Widespread Crypto Alternate Zebpay Set to Relaunch in India After Shutting Down As a result of Regulatory Stress

Practically 16 months after winding down its enterprise operations in India, digital asset alternate Zebpay is reportedly set to renew providing companies within the nation. Zebpay was probably the most well-liked crypto exchanges in India. Nonetheless, it needed to shut down due to a banking ban by the nation’s central financial institution, the Reserve Financial institution of India (RBI), which prohibited licensed monetary service suppliers from offering banking companies to corporations dealing in cryptocurrencies.

Zebpay’s relaunch announcement has come a time when the banking ban has nonetheless not been lifted in India. The nation’s Supreme Court docket has not but made a ultimate judgment relating to the legality of crypto-assets.

In line with sources aware of the matter, Zebpay is about to re-enter India’s market with a brand new administration crew, new services and products, and a crypto-to-crypto buying and selling platform. The agency  additionally intends to introduce numerous choices for mutual fund investments in India.

Zebpay confirmed on January 29 that “it’s again,” whereas noting:

“A brand new management crew, crypto-crypto buying and selling, no-fee buying and selling on choose pairs, an upgraded deal with safety and innovation, and a passive earnings and borrowing program on the horizon. The alternate’s CEO is Rahul Pagidipati. With a brand new CFO, CMO, and Chief Technique Officer, we’ve acquired a brand new imaginative and prescient to change into probably the most trusted, modern blockchain service firms on the earth.”

Established in 2015 by Saurabh Agrawal and Sandeep Goenka, Zebpay is notably among the many first main crypto-asset exchanges to launch in India. However after having to take care of regulatory stress from the RBI, Zebpay was pressured to close down operations in India and transfer its operations to different jurisdictions. The agency started providing crypto buying and selling companies in Malta  and Singapore. Earlier than it left Indian markets, Zebpay had reportedly accounted for over 50% of the nation’s crypto buying and selling market share.

In September 2018, Zebay’s administration had acknowledged:

“The curb on financial institution accounts has crippled our and our buyer’s potential to transact enterprise meaningfully. At this level, we’re unable to discover a affordable approach to conduct the cryptocurrency alternate enterprise. In consequence, we’re stopping our alternate actions.”

However the agency seems to have made preparations to re-enter Indian markets. It had matured and entered extra open markets like Australia in Might 2019. It additionally started providing a podcast sequence, referred to as Zebcast, which entails former Zebpay CEO Ajeet Khurana providing a masterclass. Zebpay additionally launched a brand new design structure for its internet app, in November 2019, which incorporates a model new dashboard and dwell cryptocurrency costs.