Indian crypto exchange expands its partnership with Chainalysis

Indian crypto exchange expands its partnership with Chainalysis
  • Indian exchange Zebpay just expanded its partnership with a compliance software provider, Chainalysis.
  • Zebpay returned to India only recently, after spending years working abroad due to crypto ban.
  • The fight for crypto is not over yet, as the government works on a bill that will send crypto users to jail.

One of the largest digital currency exchanges in India, Zebpay, recently decided to expand its relationship with a New York-based Chainalysis. Chainalysis itself is a provider of compliance software, which allows monitoring of crypto transactions in real-time.

Teaming up with Chainalysis

Chainalysis describes itself as a leading provider of AML software for BTC. So far, it has partnered with a number of major exchanges, such as Bithumb. It can help such companies with monitoring transactions and distinguishing suspicious patterns as the transactions take place.

At the same time, Chainalysis helps the exchanges obtain law enforcement information much faster. Apart from that, the firm also offers KYC solution which it calls Chainalysis KYT, or Know Your Transaction.

The company commented on its new partnership with Zebpay, stating that: “While there are still steps that need to be taken to strengthen cryptocurrency regulation in India, exchanges like ZebPay that implement robust compliance and investigative software will be well-equipped for future developments.

Zebpay returns after two years

Zebpay has seen major complications when it comes to its history in India. The company shut down its Indian exchange operation in 2018 after the country’s central bank announced that banks are forbidden from providing services to crypto firms.

Zebpay had no option but to keep working outside of its home country. Over the past two years, it established itself in Australia and Europe. However, it also managed to return home recently, after India’s Supreme Court lifted the RBI’s ban.

Of course, the situation for exchanges in India still remains uncertain. Many are exploring all kinds of different options, prepared for the potential return of the ban, as well as for the development of the industry if the ban remains lifted. While neither the country’s government nor the RBI openly restricted P2P transactions, they did forbid the use of crypto. In fact, the government is reportedly creating a law that proposes a jail sentence for anyone who uses digital coins.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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