It has been reported that the Singapore-based cryptocurrency exchange Zebpay was severely beaten by the Central Bank of India, causing the exchange to return to the Indian market more than a year after the country closed.
The IBS Intelligence Agency quoted the "Report" on January 29 as saying that after Zebpay ceased service in India in late 2018, Zebpay will start its trading service in India again, although the Bank of India ruling that caused its bankruptcy has not changed.
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Stop in front of regulation
In September 2018, Zebpay suspended trading on Indian exchanges after the Central Bank of India (RBI) banned banks from serving cryptocurrency companies.
Despite closing operations in India, Zebpay announced in May 2019 that it would expand its operations to Australia, suggesting that the company still exists and is growing.
Regardless of restrictions, come back
According to IBS intelligence, the ban on the Central Bank of India has not changed, but Zebpay has decided to open its doors to Indian customers again.
As the market picked up, Zebpay updated the company's business scope to include new CFOs and CMOs. The company also touts new features and cryptocurrency-based trading pairs. IBS writes that, in addition, the transaction is expected to pave the way for participation in mutual funds.
Over the past few months, the Supreme Court of India has held several meetings on the ban on the Central Bank of India to clarify the situation.
Cointelegraph sought feedback from Zebpay, but received no response as of press time. Upon receiving a response, this article will be updated accordingly.
Original link: https://cointelegraph.cn.com/news/crypto-exchange-zebpay-reopens-in-india-despite-banking-ban