Zebpay Crypto Exchange Announces Return To India Operations

It’s been more than a year since Zebpay closed its doors in India, the withdrawal having happened in late 2018. The company was forced to close thanks to the Reserve Bank of India, or RBI announced that it would disallow banking facilities to all crypto-engaged businesses. Now, though, it seems the exchange is ready for Round 2, even though the regulations have remained unchanged. Zebpay has recently announced that it would be returning to the Indian market, has expanded its service to Australia in the meantime.

Starting Fresh In Old Territory

Zebpay stood as one of the most prominent cryptocurrency exchanges within the country before it shut down. The exchange has recently gone under new leadership and holds a new team. This team, it seems, is keen on trying their hand in a relatively hostile environment by way of a crypto trading platform. The first options rolled out is the famous BTC-ETH< pair, as well as a range of stablecoins. Furthermore, the trading will not hold a fee for specific trading pairs.

Hostile Territory

The crypto crisis in India is both large, complicated, and riddled with small complications that are born of it. It all started when the RBI declared a blanket ban on Crypto, forbidding any banking firm regulated under it from giving its services to businesses that are verified to work in Crypto. As one would imagine, the move was crippling for the crypto industry, but things always find a way. Binance even managed to see a market opportunity, setting up a decentralized exchange in the country to cheekily circumvent the ban.

Verdict Due To Be Made

As it stands now, the Supreme Court of India has heard both sides of the argument in January this year. While the Reserve Bank of India clarified that it didn’t ban the crypto industry as a whole, it did ban its use of services being used with it. The bank further defended the decision by claiming it was the appropriate measure that needed to be taken to ensure that investors not be involved in such a high-risk type of investment.

Whether that is true or not remains unclear, but there are coins far less volatile than some investment options in the world. All that’s left now, is for the Supreme Court of India to decide if they adhered to the constitution when making this decision.

#Crypto v. #RBI update.

Order passed by the Supreme Court today.#IndiaWantsCrypto pic.twitter.com/3MXE8ttcrT

— Crypto Kanoon (@cryptokanoon) January 28, 2020