By CCN: Singapore-based Zebpay, which operated one of the largest cryptocurrency exchanges in India, has recently launched its crypto trading solutions in Australia. Starting this week, the new service enables Australian clients to buy Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin…
By CCN: Singapore-based Zebpay, which operated one of the largest cryptocurrency exchanges in India, has recently launched its crypto trading solutions in Australia.
Starting this week, the new service enables Australian clients to buy Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC) with Australian dollars.
The exchange service is actively seeking new markets, especially after the Indian government became openly hostile towards crypto exchanges. Last year, the Reserve Bank of India banned banks from offering any services to cryptocurrency firms, effectively cutting the industry from traditional fiat finance.at. The move forced ZebPay and others to shut down their operations in a country that accounts for about 18 percent of the world population.
ZebPay’s latest stop is Australia, which promotes itself as a blockchain-friendly country and expanding financial hub. On a side note, AUD is the fifth most traded fiat currency, according to a 2016 report by the Bank for International Settlements (BIS), way ahead of Indian Rupee.
To become eligible to carry out operations in Australia, ZebPay obtained a license with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The latter is the financial intelligence body whose regulatory radar touches upon anti-money laundering (AML) and counter-terrorism financing.
ZebPay’s crypto exchange platform in Australia is under Awlencan Innovations Australia Pty Ltd (ACN 629 939 948), a legal entity located in Melbourne, where the service officially launched on Monday, May 7.
On May 9, ZebPay landed in Sydney. There it organized a meet-up marketed as Australia’s largest blockchain monthly event.
Now Australian customers can trade five cryptocurrencies by using ZebPay’s both desktop version and the iOS and Android apps.
In October of last year, the company launched its operations in Malta in an effort to reach the European markets after a marked exit out of India. Now the crypto exchange platform can be accessed from 132 countries.
The recent launch in Australia came as a demonstration that ZebPay didn’t regard the harsh reality of India as major trouble. The truth is that the ban affected company profoundly. Khurana said in an interview with Micky that the Indian shutdown was among the worst moves he’s ever been forced to make.
“I was lost for words, it was horrible actually. I found it an extremely difficult decision to make,” the CEO revealed.
However, Khurana is confident that the Indian government has no mood to ban cryptocurrencies.
Last modified: January 24, 2020 10:52 PM UTC