Business

Dennis Wafula

Zebpay expands to the Australia crypto market

Zebpay, a Singapore-based cryptocurrency exchange, has reportedly expanded its operation to the Australian cryptocurrency market.

According to the press release, Zebpay has officially released its trading services in Australia with a new office already open in the fintech hub of Melbourne. The move has increased Zebpay services to 132 nations spread across five continents. So far, the exchange is providing services to over 3 million active users in these regions. Ajeet Khurana, the CEO of Zebpay stated:

“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.”

Australian users will be able to trade across five crypto trading pairs together with many cryptocurrencies like Bitcoin Cash (BCH), Bitcoin Core (BTC), Ether (ETH), Litecoin (LTC) and Ripple (XRP). These users will be able to buy and sell cryptocurrencies using Zebpay instant on their desktop or mobile devices.

To operate in the country, Zebpay has a license from the Australian Transaction Reports and Analysis Centre, which is Australia’s financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing. The exchange has also become a member of the local digital Commerce Association.

The exchange has also put Sandeep Khurana as the Director of Zebpay in Australia. Sandeep believes that Australia is an ideal market for the brand. He explained that the country has clear and stable regulations that could help grow Zebpay’s operations. He said,”Australia is an ideal market for Zebpay’s services with its clear stance on regulation, openness to fintech innovation and thirst for crypto products.”

Last year in October, Zebpay had to close its operations in Indian due to the country’s ban preventing banks from offering services to crypto businesses. The exchange cited “extremely difficult” conditions as the reason behind its move. The exchange explained:

“The recent past has been extremely difficult. The ban on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. We are unable to find a reasonable way to conduct the cryptocurrency exchange business.”

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