An Exchange Zebpay Denied the Information About Regulatory Violations

Zebpay, an Indian cryptocurrency exchange, denied local mass media’s information about numerous violations, identified by regulators during the review. The company referred to a fixed mistake in accounting.

This week local mass media has informed about the audit of Zebpay by the Ministry of Corporate Affairs (MCA) of India. In the result of it, the violations in different provisions of the Law “About companies” were found. Vikram Rangala, Zebpay Marketing Director, commented on the situation, specifying that the audit was but in the beginning of last year.

In his words, the only violation was the accounting mistake, which appeared because of uncertainty in digital assets regulation and absence of clear requirements in reporting of cryptocurrency transactions. However, the issue was closed, the mistake was eliminated and the exchange had to pay “a small fine”. Its exact sum wasn’t reported.

Rangala added that the exchange had met the regulators’ requirements. Any violations in unethical or illegal actions weren’t charged. He explained that mass media misinterpreted what happened.

In the words of Ddeepak Kapoor, BEGIN India Analytical Centre Founder, who cooperated with an Indian Government and Authorities to combat cryptocurrency crimes, the Ministry didn’t have anything against Zebpay.

Kapoor noted that the issue of firms’ taxation, working in the sphere of blockchain and cryptocurrencies, must be addressed. It was necessary to avoid misunderstandings about what could “put an imprint” on the companies’ activities. The exact regulation would be able “to make life easier” not only for such companies but also for the government authorities. Let us recall that in September 2018 Zebpay ceased trading in connection with the Central bank of India’s decree, prohibited to provide services to cryptocurrency exchanges by local financial institutions. Despite that prohibition, the exchanged promised its clients to return the funds to their bank accounts in Indian rupees. In this February Zebpay stated about its reactivation in a country.

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