Zebpay closed down its services in India in late 2018 after RBI announced to stop providing banking facilities to crypto exchanges. Even though the regulations have not changed, Zebpay has announced to make a comeback into the Indian market. After exiting the Indian market, the exchange expanded its services to the Australian market.
Zebpay is entering the Indian market with a new leadership team.
Before shutting down its business in India, Zebpay was among the top crypto exchanges in the country. The exchange announced that it is making a comeback into the Indian market under new leadership and a new team. Zebpay is also planning to launch crypto-crypto trading, starting with BTC-ETH and stablecoins, and it will also offer no-fee trading on selected pairs.
— zebpay (@zebpay) January 30, 2020
Supreme court to rule on the crypto ban soon.
The Supreme court of India heard arguments of both sides in January this month about the ban on cryptocurrencies in India. The Reserve Bank of India clarified that they did not ban the cryptocurrencies in the country. RBI defended its decision saying that it took the necessary steps to protect financial institutions from being subjected to the risk associated with the cryptocurrencies. The Supreme Court of India will decide whether the RBI’s decision to stop providing banking services to crypto entities was constitutional or not.