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In an exclusive with AMBCrypto, Ajeet Khurana, the Chief Executive Officer of Zebpay spoke about the developments in the space, the shutdown of the company in India and the regulatory updates in the cryptocurrency world.
Ajeet Khurana started by pointing out what he would tell a random acquaintance about the field of cryptocurrency and if he is met with trepidation and doubt. The Zebpay CEO stated:
“The first thing I would do is to create circumstances that would take the question into another route. Within the first few sentences, you can judge the prejudices and that can range from one extreme to another. People come from a position of ignorance ou of which 5 percent are positive, 5 percent are negative and the rest of the 90 percent are aloof.”
According to him, there are two things that can be done to improve the people’s stand on cryptocurrencies. The first factor is to create a non-controversial irrefutable stand and state that the field of cryptocurrencies is the most compelling reason to explore Bitcoin. Khurana added:
“Just like the internet, cloud computing and artificial intelligence if you want to unleash the full force of the technology, then it requires a mechanism where people come together. After this point of discussion, people have to take a stand against public blockchain and if you support the public blockchain and don’t support Bitcoin, there is probably another cryptocurrency that may be useful to you.”
He further opined that people want to discuss the money aspect of cryptocurrencies and even claimed that he does not say crypto is 100 percent the future of money. Money has changed over time and it is time to introspect whether the money we have right now is the perfect version of it, he added.
Khurana also talked about the controversial shutdown of Zebpay in India and surprised users and enthusiasts by saying that “as soon as conditions are more conducive for cryptocurrencies then Zebpay will surely come back to India”. In his words:
“Globally, the atmosphere of regulations are improving and that includes India too. We absolutely want to be in India and this comes after we decided to close our only stream of revenue in the country. The original reason for the shutdown was the fact that we realized even the customers could get hurt, especially in the Peer- to-Peer service. We decided we could not be party to a system that would negatively impact the customers.”
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Exclusive: Binance delisting Bitcoin SV [BSV] a matter of due diligence; kingmaking less so, eToro’s Greenspan
The cryptocurrency community was shaken up last week due to the feud between Bitcoin SV [BSV] and, well, everyone else. Following the legal charge, the climax of the “Delisting Dilemma” was Binance axing the coin, leading to a landslide of exclusions for the Calvin Ayre and Craig Wright-led project.
Amusing as the episode was, it did point to the power of exchanges acting in opposition to the actions of the founders. More importantly, it shed light on the power of the largest exchange in the world, Binance, with many in the industry equating the Changpeng Zhao-led company to “kingmakers.”
Mati Greenspan, the senior markets analyst at eToro, suggested that this was a matter of “due diligence” rather than “kingmaking.” However, he did admit to the power of Binance:
“They’ve [Binance] been the king makers for years, they’re the ones who say which ICOs get listed and which are not. They already are the kingmakers.”
He went on the highlight the independent power that cryptocurrencies provide to everyone, irrespective of the camp they belong to. Cryptocurrencies, in Greenspan’s opinion, allow people to “completely take control” over their respective assets and send it anywhere without an intermediary, which is what makes it unique.
Admitting that exchanges “enjoy a position of power,” he added that this power is “decentralized.” If customers are displeased with one exchange and their actions, they are free to set up their own platform.
With reference to the “Delisting Dilemma,” and Binance triggering the BSV pull-out, the senior analyst stated that the exchange was acting in the “best interest” of their customers. He stated that CZ “knew what his community wanted and he delivered it for them.” Greenspan also referenced the fact that some exchanges decided to gauge customer opinion prior to making a decision via Twitter polls, and an overwhelming majority favored delisting.
Not in reference to this particular debacle, but on a general consensus, Greenspan stated that if a company judges a project to be a “scam,” they have complete freedom to act as they please. He added that this action is not “kingmaking,” or an example of “centralisation,” rather this is “due diligence.” He concluded:
“They are protecting their investors at the end of the day.”
Despite the delisting bears backing off BSV and the feud looking to settle, Calvin Ayre’s Coingeek looked to light the spark yet again. On 23 April, the Ayre owned crypto-specific website reported that Binance is “likely involved in criminal operations,” citing several sources that dispute the exchange’s volume.
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