ZebPay Partners With Chainalysis To Monitor Transactions In India
ZebPay Partners With Chainalysis To Monitor Transactions In India
June 1, 2020
ZebPay Partners With Chainalysis To Monitor Transactions In India
ZebPay Partners With Chainalysis To Monitor Transactions In India
June 1, 2020

ZebPay, the major Indian cryptocurrency exchange and wallet provider, has partnered with Chainalysis, the blockchain forensics firm, to monitor transactions executed across its platforms in India.

It has been reported that the move incorporates an expansion in the partnership between Chainalysis and ZebPay, with Chainalysis already providing its Know Your Transaction (KYT) services for ZebPay’s operations in Singapore.

Avinash Shekhar, the President of ZebPay, said:

“We wanted to build a best-in-class compliance program in India from the start.”

However, Chainalysis will provide real-time alerts notifying ZebPay of suspicious or high-risk transactions across its platforms.

It has been analyzed that ZebPay’s expansion of its compliance framework for Indian operations comes roughly three months after the country’s Supreme Court lifted the Reserve Bank of India’s long-standing ban on financial institutions providing banking services to crypto firms.

Jason Bonds, the Chief Revenue Officer of Chainalysis, praised ZebPay for strengthening its compliance and investigative capabilities amidst India’s apparent crypto liberalization by adding that “there are still steps that need to be taken to strengthen cryptocurrency regulation in India.”

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Bonds elaborated:

“We believe India is poised to make advancements for the cryptocurrency industry, and look forward to growing our business there. We are excited to partner with ZebPay during such a historic time.”

Likewise, a recent report composed by OKEx and Coinpaprika predicted that India’s share of cryptocurrency transactions will grow remarkably over the next two years as locals seek access to a more efficient payment system.

As per the report, a combination of increasingly permissive regulations, high remittance fees, and significant barriers to accessing foreign exchange markets will drive Indian citizens towards crypto assets over the coming years.

Thus, Indian traffic has increased by nearly 550%, while new user registrations from India increased by more than 4,000% during the Q1 2020 since the repeal of the RBI ban.

Source: Cointelegraph | Image: DNA India


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.