Singapore-headquartered crypto exchange Zebpay has announced its expansion inאם Australia and will offer fiat-based crypto trading services in the country.
To manage its operations in the region, Zebpay has opened a new office in the fintech hub of Melbourne. The exchange has named Sandeep Khurana to run its business in the island continent as its Australia Director.
Setting up Zebpay Australia. If you are in Melbourne tomorrow (May 8, 2019) please join us at Stone and Chalk at 6 p.m. pic.twitter.com/UmOJSECnIZ
— Ajeet Khurana (@AjeetK) May 7, 2019
Commenting on the expansion, Ajit Khurana, chief executive of the crypto exchange, said: “Australia is an ideal market for Zebpay’s services with its clear stance on regulation, openness to fintech innovation and thirst for crypto products.”
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Regulations are good
ZebPay acquired a license from the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency with additional regulatory responsibility, to continue its operation in the country. It has also joined the Australian Digital Commerce Association (ADCA) as a member.
To its Aussie customers, the exchange will offer fiat-based crypto trading pairs against five digital currencies – Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.
Once one of the largest crypto exchange in India, Zebpay had to wind up its operations in the subcontinent amid the crackdown by the country’s central bank last year which barred the banks from dealing with any crypto-related business.
After its exit from India, Zebpay also set up a shop in the crypto friendly Malta and has now expanded its operations to 132 countries. The exchange is claiming that it caters to over 3 million customers around the globe with its crypto trading services.
“At the beginning of 2019, Zebpay was available in 20 international markets. Today, we add Australia to our crypto-family and can gratefully say we have a presence in over 132 international crypto-economies, which speaks volumes to our community’s ambition,” Khurana added.
Because of its clear laws, Australia is becoming a very lucrative market for crypto exchanges for expanding its services. Other major exchanges including Biance and Huobi also set up bases in the southern hemisphere country.