After suspending its operations in India, Zebpay has now gone global. The exchange has now set up operations in Malta where it will serve 20 countries in the region. It has become increasingly difficult for Crypto firms to operate in India after the country’s central bank barred financial institutions from providing banking services to exchanges. The country’s Supreme Court has been postponing the hearing of an appeal filed by Cryptocurrency firms in the country to the disadvantage of the Crypto community.
Zebpay To Operate Through Overseas Entities
The former India-based Cryptocurrency exchange has posted information on its abroad operations on its website. However, Zebpay has not yet publicly announced this development. Nevertheless, given that they have already made the information accessible to the public, an official announcement may follow in the coming days or even weeks.
Indiabits was the first to communicate this information on Friday. The community of blockchain lovers tweeted about the exchanges two abroad entities in Malta and Singapore. The group said the Zebpay will now operate in 20 European countries providing exchange and OTC services.
Zebpay has said no one is allowed to open two different accounts on the platform. The exchange clarified that it will not be possible to use the same KYC documentation to open multiple accounts. The exchange provides a platform that the users can use match orders and prices, which are set by the supply and demand, market forces.
About Zebpay’s Global Presence
Zebpay has given more details about its operation on its Global Legal page. Part of its description states that the exchange will mean and include Awlencan Innovations Pte. Ltd. Awlencan is a blockchain technology company that was opened in May in Singapore. Coincidentally, the company was established after RBI communique to financial institutions in April barring them from serving Cryptocurrency businesses.
The Indian Cryptocurrency Market
India was one of the largest Cryptocurrency markets until the country’s central bank ordered financial institutions in the country not to provide banking services to Crypto firms. Different Crypto firms came together to file a petition at the country’s Supreme Court to have the India Reserve Bank order overturned. However, the court has been postponing the hearing of this case making it difficult for the Crypto firms to operate in the country.
Given that the use of fiat currency to purchase or sell Cryptocurrencies in India is not possible, various companies have come up with alternative trading options. Some, such as Zebpay have chosen to terminate their operations in the country and move to other Crypto friendly regions. In the meantime, the India-based Crypto traders will have to wait until the court gives its last ruling to see if they can trade Cryptocurrencies in their local currency.