Zebpay makes another foray into Indian market amid crypto ban

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Zebpay cryptocurrency exchange is set to reopen operations in India, over a year since it closed shop in the Asian country. The exchange has its roots in India where it grew to become an industry leader. It had to shut down operations after the industry regulator crypto crackdown, but is now reportedly on its way back.

Citing sources with insider knowledge, research company IBS Intelligence reported that Zebpay will open up shop in India soon. The move will be welcome by the Indian crypto community, as Zebpay was one of the first in the country and grew to become among the largest. However, the country is yet to resolve the challenge that pushed the exchange out – the banking ban by the Reserve Bank of India on crypto exchanges.

The reopening by Zebpay implies that the exchange believes the Supreme Court will rule in favor of the crypto industry in its case against the RBI. While the regulator hasn’t banned crypto, it ordered all banks to cease offering services to crypto companies. This denied the exchanges basic financial services and led a number of them to shut down. The few who could shifted their operations to other countries, with Zebpay moving its offices to Singapore where it’s based currently.

In line with its reopening in India, Zebpay has also introduced some new features and revamped its leadership. In a statement, it revealed that Rahul Pagidipat had become the new CEO, replacing the incumbent Ajeet Khurana. It had also brought in a new CMO, CFO and Chief of Strategy. It will also introduce crypto-crypto trading, zero fee-trading on selected crypto-crypto pairs each month and a passive income program where the users earn interest on their crypto holdings.

The exchange remarked, “A new leadership team, crypto-crypto trading, no-fee trading on select pairs, an upgraded focus on security and innovation, and a passive income and borrowing program on the horizon—we have a lot of new things to share with you in 2020.”

Despite leaving India in September 2018, Zebpay has continued to grow. In May last year, it expanded to the Australian market, setting up an office in Melbourne. The move expanded its reach to 132 countries in five continents. It has over 3 million users.